Monopoly vs. Perfect Competition

Concepts

• Monopoly Firm vs. Perfectly Competitive Firm
  • Compare Price
  • Compare Level of Output
  • Compare Profit
  • Inefficiency of Monopoly (Too High Price, Too Little Output) [P>MC]
  • Allocative Efficiency of Perfect Competition (P=MC)
• Deadweight Loss of Monopoly

Overview

Coming Soon

Materials

• Lecture Notes – 1
• Lecture Notes – 2
• Practice Problems

Lecture

Allocative Efficiency Lecture Video

Quiz

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