2960450
Description
Mind Map by Harry Rock4590, updated more than 1 year ago
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Created by Harry Rock4590
over 9 years ago
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Monopoly
- Types of monopoly
- Pure monopoly: 100%
- Dominant monopoly 40%
- Legal monopoly 25%
- Natural monopoly:
LRAC is lowest
- All can be investigated
by the CC (competition
Commission)
- Pure monopoly: 100%
- Characteristics
- Can acquire supernormal profits in long run
- Price Maker: they set the price level in the market
- Profit maximisation: MC=MR
- Reduced choice
- Low dynamic efficiency
- Can acquire supernormal profits in long run
- Examples
- British Telecom (BT)
- Post Office
- Apple
- Coca Cola
- Google
- National Rail
- British Telecom (BT)
Media attachments
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