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3 cards from this section. Quick, good the night before a test.
Define a monopoly in your own words.
Think about the definition from class.
What is one characteristic of a monopoly?
Consider what prevents other firms from joining the market.
What defines a monopoly?
What is the key characteristic of a monopoly?
True or False: Monopolies always operate in a competitive market.
Consider the market structure of a monopoly.
Evaluate the impact of a monopoly on consumer welfare compared to a competitive market.
Think about price levels and choices available to consumers.
Discuss the implications of government regulation on monopolies. Should they be more regulated or less?
Think about the balance between protecting consumers and encouraging business growth.
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