Term
|
Definition
A firm that is the sole seller of a product with no close substitutes.
|
|
|
Term
| Barriers to entry for a Monopoly |
|
Definition
- Monopoly of resources- single firm owns key resource
- Government license- gove has given one person or firm exlcusive right to sell
- Production process- natural monopoly
|
|
|
Term
|
Definition
A monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms.
1 firm can supply good cheaper than if there were 2 firms. |
|
|
Term
| Key difference between monopoly and competition |
|
Definition
| Monopoly's ability to influence prices |
|
|
Term
|
Definition
| The business practice of selling the same good at different prices to different customers. |
|
|
