2.1.1 Monopoly: Definition

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From the course by University of Pennsylvania
Microeconomics: When Markets Fail
160 ratings
University of Pennsylvania

Microeconomics: When Markets Fail

160 ratings
From the lesson
Monopoly
A monopoly is a case where there is only one firm in the market. We will define and model this case and explain why market power is good for the firm, bad for consumers. We will also show that society as a whole suffers from the lack of competition.

Meet the Instructors

  • Rebecca Stein
    Rebecca Stein
    Senior Lecturer
    Economics