2.1.1 Monopoly: Definition

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Skills You'll Learn

Externality, Economics, Microeconomics, Market (Economics)

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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.

Taught By

  • Rebecca Stein

    Rebecca Stein

    Senior Lecturer

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