MB200 Lecture Notes - Lecture 2: Gross Domestic Product, Monopolistic Competition, Natural Monopoly
5 Nov 2018
School
Department
Course
Professor
Document Summary
Natural monopoly: exists as a result of the high fixed costs or startup costs of operating a business in a specific industry. Additionally, natural monopolies can arise in industries that require unique raw materials, technology or other similar factors to operate. Since it is economically sensible to have some monopolies like these, governments allow them to exist but provide regulation, ensuring consumers get a fair deal. become regulated monopolies . Market situation in which a local, state, or federal government grants exclusive rights in a certain market to a single firm. Cable? (comcast, warner, cox). gross domestic product (gdp) sum of all goods and services produced within a country"s boundaries during a specific time period, such as a year. Per-capita basis total output divided by number of citizens productivity relationship between the number of units produced and the number of human and other production inputs necessary to produce them.
