Class Notes (834,037)
United States (323,615)
Economics (213)
ECON-UA 2 (82)
Lecture

Day 17 (4/8/2014)
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Department
Economics
Course
ECON-UA 2
Professor
Marc Lieberman
Semester
Spring

Description
Day 17 482014MonopolyA market or firm with1A single seller of the product2No close substitute for the productMonopoly PowerNo reasonable Some very close substitutes substitutes Pure MonopolyNot MonopolyReasons that monopolies existBarriers to entry1Economies of scale Natural Monopoly2Legal BarrierGovernment DeclarationGovernment Franchise or Government ProductionEither the government gives someone exclusive right to produce or produces it itselfZoning
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