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Monopoly

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by

Andrew Ngo

on 26 February 2013

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Transcript of Monopoly

Monopoly # buyers and Sellers - Single Supplier
- One seller, any number of buyers none. usually a unique product or service Control of the Market Price - A monopolist controls the price of a product. The seller has full control of the price. Market Structures MONOPOLY Market Entry Easy or Difficult? - Difficult. Seller has complete control of entry. Ex: ownership, government barrier, large economy of scale Non price competition - No price competition since seller can raise or lower the price. Examples - DeBeers diamond company of South Africa, Microsoft, Hotels, Telephone Service used to be one, public water (natural monopoly) Economies of scale - As output increases from zero, shortage cost of each good drops In some cases, the monopolist may be able to divide consumers into two or more groups and charge a diff. price. by : Andrew Ngo, Olya Grynyshyn, Justin Zhang Variety of Goods? Price Discrimination - no, there is no non price competition since there is a single seller
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