This document summarizes a presentation about monopolies given by Ismail Ali and Jessica Zhang. It begins with a joke about charging for handouts about monopolies before providing definitions and explanations of key monopoly concepts. It discusses what enables monopolies through barriers to entry, compares monopolies to perfect competition, explores the impact of monopolies on welfare and price discrimination, and notes ways governments can regulate monopolies. It concludes by providing URLs and social media sites for additional monopoly resources.

1. Monopoly (Chapter 15) Presentation by Ismail Ali and Jessica Zhang

2. A Bad Example You know those handouts other groups printed and gave out? We did that too. On the handouts are URLs that we think will help you study for the Econ final. Thing is, we've got money in mind. A handout costs $1. Be quick, though. We've only printed ten copies.

3. Gotcha! Just kidding. We actually gave a few of you money to buy those handouts. The democratization of information that may have just followed is what happens over a much longer timespan in real monopolies. If you've succumbed to groupthink and bought one without us asking beforehand, let us know and we'll return it. We'll show you the URLs later.

5. What enables a monopoly?

6. Monopoly vs. Perfect Competition (and price discrimination)

7. Monopolies and welfare

8. Monopoly and public policy

10. Barriers, Barriers, Barriers Monopolies exist because of one thing: Barriers. Barriers come in three flavors 1. Key resource for just one firm 2. The guv'ment 3. Costs of production=efficiency (economies of scale)

12. Marginal Revenue > Price (Goodbye, Mr. Darp)

13. Price > MC

14. Not welfare-maximizing

15. No entry

16. Long-run profits possible

17. Price discrimination doable

19. Marginal Revenue = Price

20. Price = MC

21. Welfare-maximizing

22. Easy entry

23. Long-run profits impossible

24. Price discrimination not doable

26. Profit Maximization where Marginal Revenue = Marginal Cost

28. (Market power is a must)

29. Solves deadweight loss

30. Eliminates inefficiencyExamples: movie tickets, financial aid, quantity discounts

33. Regulate monopoly behavior

34. Take control (public ownership)