Unit 3: Are Businesses Efficient? Product Markets and Efficiency

Lesson 10b: Monopoly: Long Run Equilibrium, Price Discrimination, and Regulation

Key Problem

Monopoly - Long Run Equilibrium and Efficiency   Price Discrimination - How to find the profit maximizing quantity on a table   Monopoly - Long Run Equilibrium and Efficiency Explain why Monopolies earn economic profits in the long run Draw the long run equilibrium graph for a Monopoly Explain why Monopolies are inefficient in the long run and show on the graph. - allocatively inefficient - productively inefficient Price Discrimination - How to find the profit maximizing quantity on a table

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