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Monopoly characteristics
Firm is the industry, any firm with over 40% market share has a monopoly. government uses 25%. High barriers to entry and exit. No close substitutes.
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Monopoly conduct
The firm sets the price, inefficient productively and allocativley, price not equal to MC and not producing at lowest AC curve. Price is typically high.
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Monopoly performance
Can maintain abnormal
3 of 5
rd
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4 of 5
seerwf
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5 of 5

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Card 2

Front

Monopoly conduct

Back

The firm sets the price, inefficient productively and allocativley, price not equal to MC and not producing at lowest AC curve. Price is typically high.

Card 3

Front

Monopoly performance

Back

Preview of the front of card 3

Card 4

Front

rd

Back

Preview of the front of card 4

Card 5

Front

seerwf

Back

Preview of the front of card 5

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