Pure Monopoly

Pure Monopoly

Review the narrated lecture below http://lectures.mhhe.com/narrated_slides/0078021758/chapter12/presentation_html5.html

Review Chapter 12 in the Microeconomics textbook.

Review the video from Khan Academy on Monopoly https://www.khanacademy.org/economics-finance-domain/microeconomics/perfect-competition-topic/monopolies-tutorial/v/monopoly-basics

Discuss the economic effects of monopoly. Be sure to include the following:

1. Monopoly price compared to the price of a competitive firm

2. Efficiency of resource allocation

3. Monopoly and its impact on large-scale production and unit cost of production

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