Week 2_10 Monopoly & Diagram

Get to know Basic Concepts:

-- Characteristics of a monopoly:

a. One supplier in the market (price maker).

b. No close substitutes.

c. High barriers of entry and exit.

-natural monopoly (e.g. railway infrastructure)

-legal monopoly (e.g. patents and copyright)

d. Can maintain economic profit in the long run.

Question:

What does this red shadow mean?.

Discuss with fellow students in Discussion Forum.

Watch the Video:

Play media comment.

More insightful analysis from IULM university of Milan? Let's listen to the presentation given by Associate Prof. Bagnasco from Italy.