Discuss the economic effects of monopoly

Pure Monopoly

Each answer should be half a page long. Please keep it in mind.

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

Solution preview

Monopoly and perfectly competition can be described as two opposing market structures. For instance, the in the monopoly market structure, there different barriers to entry of new firms whereas in perfect competition there are no barriers to the entry of firms. In similarity, both of the market structures…………………..

APA

535 words