What is a Monopoly?
Monopoly Graph Curves
Price Discrimination
Worksheet Questions
Miscellaneous
100
A market where there is only producer of a good or service.
What is a Monopoly
100
The profit maximizing intersection.
What is MR=MC.
100
The ability of firm to sell a product at different prices to different individuals based on their demands for the item.
What is Price Discrimination.
100
The surplus that is on top.
What is Consumer Surplus.
100
Deadweight loss is....
The bane of economists.
200
_________ offers the same product as the monopolist in a monopoly.
What is no one.
200
This curve slopes downward and is above the Marginal Revenue Curve.
What is the Demand Curve.
200
Monopoly Power Ability to segregate buyers into different groups The original purchaser cannot resell the item easily
What is the necessary conditions for a Pure Monopoly to Price Discriminate.
200
The equation to find total accounting profit.
What is (P-ATC)*Qe
200
The worst curse word in all of math.
What is Undefined
300
Economies of Scale, government regulation, complete ownership of resources.
What are complete barriers to entry.
300
The demand curve is elastic, when the MR curve is this.
What is above the axis. (Positive)
300
These disappear when the Monopolist Price Discriminates.
What is the deadweight loss and consumer surplus .
300
Deadweight Loss and Consumer Surplus disappear when the Monopolist does this.
What is Price Discriminate.
300
Mr. Merz went on one of these for his Thanksgiving Break.
What is a cruise
400
The monopolist controls the quantity of the good to set the price they choose.
What is a price maker.
400
The demand curve is inelastic when the MR Curve is this.
What is below the axis. (Negative)
400
When the firm is producing at the Socially-Optimal price, the Demand Curve intersects this curve.
What is the Marginal Cost Curve.
400
The Monopoly will never produce at either of these.
What is Productive and Allocative Efficiency
400
Focus in class. Put effort into the worksheets. Ask questions. If necessary, ask for help. Research confusing topics.
What are the Keys to Success
500
Monopolies use little to none of this.
What is advertising.
500
Which curve determines the price, in a profit maximizing configuration?
The Demand Curve.
500
When the firm is producing at the Fair-Return price, the Demand curve intersects this curve.
What is the ATC Curve.
500
This is true when a Monopolist's marginal revenue curve is negative at the current level of output.
The demand for its product is price inelastic.
500
The class you will be in next semester.
What is AP Macroeconomics
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