How is monopoly different from perfect competition?
What is a barrier to entry? Give some examples.
What is a natural monopoly?
What is a legal monopoly?
What is predatory pricing?
How is intellectual property different from other property?
By what legal mechanisms is intellectual property protected?
In what sense is a natural monopoly “natural”?
How is the demand curve perceived by a perfectly competitive firm different from the demand curve perceived by a monopolist?
How does the demand curve perceived by a monopolist compare with the market demand curve?
Is a monopolist a price taker? Explain briefly.
What is the usual shape of a total revenue curve for a monopolist? Why?
What is the usual shape of a marginal revenue curve for a monopolist? Why?
How can a monopolist identify the profit-maximizing level of output if it knows its total revenue and total cost curves?
How can a monopolist identify the profit-maximizing level of output if it knows its marginal revenue and marginal costs?
When a monopolist identifies its profit-maximizing quantity of output, how does it decide what price to charge?
Is a monopolist allocatively efficient? Why or why not?
How does the quantity produced and price charged by a monopolist compare to that of a perfectly competitive firm?