Term
| characteristics of pure monopoly |
|
Definition
1. price maker
2. 1 seller
3. lots of barriers
4. standardized or differentiated product |
|
|
Term
| long-run pure competition |
|
Definition
productive efficiency
P= min. ATC |
|
|
Term
|
Definition
|
|
Term
| Monopoly (barriers to entry) |
|
Definition
1. economies of scale/start-up costs
2. patents/ licensing
3. ownership of essential resources |
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
| you go up from where MR=MC and then you go up to demand curve to read the price* |
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
