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Monopoly

Monopoly. Characteristics of monopoly. Single firm (producer, seller) No variety of goods Complete barriers to entry Complete control over price. Economies of scale. Government monopolies. Patent- license that gives inventor exclusive right to sell product for 20 years.

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Monopoly

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  1. Monopoly

  2. Characteristics of monopoly • Single firm (producer, seller) • No variety of goods • Complete barriers to entry • Complete control over price

  3. Economies of scale

  4. Government monopolies Patent- license that gives inventor exclusive right to sell product for 20 years

  5. Government monopolies • Franchise- right to sell a good or service in an exclusive market

  6. Government monopolies License- government issued right to operate a business

  7. Government monopolies Industrial organizations- an industry government allows to operate with restricted number of firms that act together

  8. Price discrimination Dividing customers into groups based on how much they will pay for a good Can be done if firm has market power (ability to change prices and output like a monopolist)

  9. Targeted Discounts

  10. Manufacturer’s rebates

  11. Senior citizen or student discounts

  12. Promotions

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