Chapter 9: Monopoly Flashcards
1
Q
What is a monopoly?
A
a firm that is the sole seller of a product with no close substitutes
2
Q
What are price effects and output effects?
A
the effects on revenue of changing the price an the quantity produced
3
Q
What are barriers to entry?
A
factors that prevent or impede newcomers into a market
4
Q
What is price discrimination?
A
the business practice of selling the same good at different prices to different customers
