Monopoly and Its Power (AQA A-Level Economics): Flashcards
📚Flashcards
Practise the cards
10 cards from this deck
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Practise the cards
10 cards from this deck
Pure monopoly definition
Pure monopoly definition
Only one firm operating in a market
Profit maximisation rule for monopolist
Profit maximisation rule for monopolist
Where monopolist sets price
Where monopolist sets price
On demand (AR) curve above point
Why monopoly profits persist long-run
Why monopoly profits persist long-run
Barriers to entry prevent new firms entering
Monopoly power definition
Monopoly power definition
Ability to raise & maintain prices above competitive level
UK example of pure monopoly
UK example of pure monopoly
Regional water companies
Joan Robinson's 1933 contribution
Joan Robinson's 1933 contribution
Book on Economics of Imperfect Competition
Monopoly profit
Monopoly profit
Abnormal profit earned by monopolist over time
How patents create monopoly power
How patents create monopoly power
Give temporary exclusive rights, preventing rivals copying
Factor determining extent of monopoly power
Factor determining extent of monopoly power
Strength of barriers to entry