Unit 3: Are Businesses Efficient? Product Markets and Efficiency

Lesson 10a: Monopoly: Characteristics and Short Run Equilibrium

Something Interesting - Why are we studying this?

What's so bad about monopoly power? http://www.cbsnews.com/news/whats-so-bad-about-monopoly-power/ ANSWER: "The bottom line is that when companies have a monopoly, prices are too high and production is too low. There's an inefficient allocation of resources."

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