This new set of short revision videos takes students through the essential economics of monopolistic markets.
In this video on monopolistic markets we look at some key definitions such as working monopoly and dominant firms and then focus on data from a range of markets to identify examples of monopoly / market power.
In this video we use cost and revenue data to show how a profit-maximising monopolist finds a price and output equilibrium where MR=MC.
In this video we work through analysis of some factors that might cause a change in the level of monopoly profits. This includes a change in AR and MR and a change in fixed costs. Is it impossible for a firm with monopoly power to make a loss?
In this video we cover two aspects of monopoly. Firstly, entry barriers that can protect the market share of businesses with monopoly power. Secondly, a quick look at some of the main limits or constraints on the market power of a monopoly seller.
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