Chapter 7: Market Structures Section 2 - Weebly
Chapter 7: Market Structures
Section 2
Objectives
1. Describe characteristics and give
examples of a monopoly.
2. Describe how monopolies, including
government monopolies, are formed.
3. Explain how a firm with a monopoly
makes output decisions.
4. Explain why monopolists sometimes
practice price discrimination.
Chapter 7, Section 2
Copyright ? Pearson Education, Inc.
Slide 2
Key Terms
? monopoly: a market in which a single
seller dominates
? economies of scale: factors that cause a
producer¡¯s average cost per unit to fall as
output rises
? natural monopoly: a market that runs
most efficiently when one large firm
supplies all of the output
? government monopoly: a monopoly
created by the government
Chapter 7, Section 2
Copyright ? Pearson Education, Inc.
Slide 3
Key Terms, cont.
? patent: a license that gives the inventor of a new
product the exclusive right to sell it for a specific
period of time
? franchise: a contract that gives a single firm the
right to sell its goods within an exclusive market
? license: a government-issued right to operate a
business
? price discrimination: the division of consumers
into groups based on how much they will pay for
a good
? market power: the ability of a company to
control prices and total market output
Chapter 7, Section 2
Copyright ? Pearson Education, Inc.
Slide 4
Introduction
? What are the
characteristics of a
monopoly?
¨C A single seller
¨C Many barriers to entry
for new firms
¨C No variety of goods
¨C Complete control over
price
Chapter 7, Section 2
Copyright ? Pearson Education, Inc.
Slide 5
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