Monopoly
The IB syllabus requirements for this sub-topic are to understand:
- Assumptions of the model
- Sources of monopoly power/barriers to entry
- Natural monopoly
- Demand curve facing the monopolist
- Profit-maximizing level of output
- Advantages and disadvantages of monopoly in comparison with perfect competition
- Efficiency in monopoly
Here are a selection of useful resources to further your understanding of the above.
Two very good presentations on monopolies courtesy of http://www.reffonomics.com:
Above Video Source: mjmfoodie
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