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In economics, a monopoly is a single seller. In law, a monopoly is a business entity that has significant market power, that is, the power to charge overly high prices, which is associated with unfair price raises. [2] Although monopolies may be big businesses, size is not a characteristic of a monopoly.
The company is able to collect a price based on the average revenue (AR) curve. The difference between the company's average revenue and average cost, multiplied by the quantity sold (Qs), gives the total profit. A short-run monopolistic competition equilibrium graph has the same properties of a monopoly equilibrium graph.
This file was moved to Wikimedia Commons from en.wikibooks using a bot script. All source information is still present. It requires review.Additionally, there may be errors in any or all of the information fields; information on this file should not be considered reliable and the file should not be used until it has been reviewed and any needed corrections have been made.
Articles related to monopoly, the situation when a specific person or enterprise is the only supplier of a particular commodity. This contrasts with a monopsony which relates to a single entity's control of a market to purchase a good or service, and with oligopoly and duopoly which consists of a few sellers dominating a market. [1]
Book X: A World of Monopolies - This book moves away from the theory of value and delves into the Economics of Welfare. It connects the analysis of monopoly value with the work of Pigou on welfare economics. The book raises ethical questions and explores the implications of a world dominated by monopolies.
[1] [2] A monopoly occurs when a firm lacks any viable competition and is the sole producer of the industry's product. [1] [2] Because a monopoly faces no competition, it has absolute market power and can set a price above the firm's marginal cost. [1] [2] The monopoly ensures a monopoly price exists when it establishes the quantity of the ...
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