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© 2003 McGraw-Hill Ryerson Limited.
Monopoly
Chapter 12
© 2003 McGraw-Hill Ryerson Limited.
12 - 2
Introduction
◆ Monopoly is a market structure in
which a single firm makes up the entire
supply side of the market.
◆ Monopoly is the polar opposite of
perfect competition.
© 2003 McGraw-Hill Ryerson Limited.
12 - 3
Introduction
◆ Monopolies exist because of barriers to
entry into a market that prevent entry by
new firms.
◆ Barriers to entry include legal barriers
such as a patent, and natural barriers
such as the size of the market that can
support only one firm.
© 2003 McGraw-Hill Ryerson Limited.
12 - 4
The Key Difference
Between a Monopolist
and a Perfect
◆Competitor A competitive firm is too small to affect
the price.
◆ It does not have to take into account the
effect of its output decision on the price it
receives.
© 2003 McGraw-Hill Ryerson Limited.
12 - 5
The Key Difference
Between a Monopolist
and a Perfect
◆Competitor A competitive firm's marginal revenue is
the market price.
◆ A monopolistic firm’s marginal revenue is not equal to
its price – it takes into account that in order to sell
more it has to decrease the price of its product.