Characteristics of Monopoly 1:33
- A monopoly is a price maker 2:57
Sources of barriers to entry 4:22
The monopoly faces the market demand curve 12:53
The revenue of a monopoly 15:01
- Marginal revenue 19:56
- Marginal revenue is less than price for a monopoly 22:20
- The MR curve has the same intercept and twice the slope as the demand curve 23:46
Profit maximization for a monopoly: produce the quantity where MR = MC 28:27
- The monopoly uses the market demand curve to determine the price it will charge 31:32
The monopoly uses its market power to drive price above marginal cost 32:35
How to show the profit earned by the monopoly 35:00
The monopoly has no supply curve 38:26
The effect of monopoly on consumer surplus and producer surplus 42:36
- The deadweight loss of monopoly 49:41
Government policy toward monopolies 50:48
Price discrimination 1:02:55
- The firm must be able to prevent arbitrage 1:09:34
- Examples of price discrimination 1:11:40
- Perfect price discrimination 1:13:05
- Deadweight loss is zero 1:17:22
