Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...
Monopoly
1. L E C T U R E O N :
( a ) F E A T U R E S O F M O N O P O L Y
( b ) P R I C E A N D O U T P U T D E T E R M I N A T I O N
U N D E R M O N O P O L Y
B . T E C H E C E , M A N A G E R I A L E C O N O M I C S
1 1 - F E B , 2 0 1 3
Monopoly
2. FEATURES OF MONOPOLY
Single Producer
No close substitutes
No difference between firm and industry
No free entry
Monopolist controls only price or output
Revenue curve falls downwards from left to right
3. PRICE AND OUTPUT DETERMINATION UNDER
MONOPOLY
Y-AXIS
MC AC OPQM = Total Cost
OSRM = Total Revenue
P Q OPQM - OSRM
PQRS = Abnormal Profits
S R
E AR
MR
0 M X- AXIS