Micro: Unit 4.3 -- Monopolies
Hey Everyone! I'm Mr. Willis, and You Will Love Economics!
In this video, I will:
Review the key characteristics of monopolies
Discuss how monopolistic firms are "price makers"
Demonstrate how to spot when monopolies are earning
economic profits, taking economic losses, and breaking even
Reveal how to identify price, quantity of output, total revenue, and
economic profits/losses on a graph for a typical firm
Explain why monopolies use non-price competition
Investigate how monopolies are productively inefficient in the long-run
Describe barriers to entry and how high barriers make it difficult for firms
to enter the industry and compete with dominant firms
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