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.
1 of 5
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.
2 of 5
Monopoly performance
Can maintain abnormal
3 of 5
rd
dsfsf
4 of 5
seerwf
dsfse
5 of 5
Other cards in this set
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.
Comments
No comments have yet been made