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RegulationVolume Figure 1Average Retail Electricity Prices by State 1998 IA Source Energy Information Administration 2000 US Average67 Boren2 6800 343 PM Page 47 1970s and 1980s Underly. Market Structures. . Section 2: Monopoly. Lesson Objectives:. By the end of this lesson you will be able to:. *Describe characteristics and give examples of a monopoly.. *Describe how monopolies, including government monopolies are formed.. HUBBARD. Economics. FOURTH EDITION. ANTHONY PATRICK. O’BRIEN. Chapter Outline . and. Learning Objectives. 15.1. Is Any Firm Ever Really a Monopoly?. 15.2. Where Do Monopolies Come From?. 15.3. How Does a Monopoly Choose Price and Output?. from the RaRE . Study for the HEAR Network Conference. Presented by Josetta Malcolm . Head of Client Services. . The RaRE . Study. What is it?. It’s a research project funded by the Big Lottery; it started in 2010 and will be finishing in December 2015. 5.3.3. Learning Outcomes. To understand the meaning of the term ‘monopoly’.. To appreciate what is meant by monopoly power and how this can influence a firm’s behaviour.. To understand the main disadvantages and advantages of a firm having monopoly power. . AP Microeconomics. Mr. Bordelon. Quantity (Megawatts). Price. per Megawatt. Total Cost. 1. $550. $1,000. 2. 500. 1,075. 3. 450. 1,200. 4. 400. 1,375. 5. 350. 1,600. 6. 300. 1,875. 7. 250. 2,200. 8. 200. Introduction. In economics, a monopoly is defined as a persistent market situation where there is only one provider of a product or service. Monopolies are characterized by a lack of economic competition for the good or service that they provide and a lack of viable substitute goods.. Breaking up a monopoly that isn’t natural is a good idea. Ex. Microsoft buying Apple. Why?. The gains to the consumer outweigh the loss to the producer. Natural Monopolies. A monopoly in which large producers have lower average total costs than small producers. Market Structure: Monopoly. Intro to Monopolies. Monopoly is exact opposite of perfect competition. Monopoly – one supplier of a good . Demand curve for the firm = demand curve for the market. Market Structure: Monopoly. Julia Kovtun Ministry of Natural Resources of Russian FederationSlide 7 Russian-Chinese collaboration 1 A joint committee to debate the matters of the rational usage and protection of resources of tra The word Monopoly is a combination of two words in which “mono” implies “single” and “poly” means “seller”. Therefore, the market controlled by a sole trader is said to a Monopoly market.. Students will be able to identify and/or define the following terms:. Monopoly. Natural Monopoly. Patent. Do . Now. What is a barrier to entry?. Any condition that makes it difficult to enter a market.. Pure Monopoly. A monopolized market has a single seller.. The monopolist’s demand curve is the (downward sloping) market demand curve.. So the monopolist can alter the market price by adjusting its output level.. Graph Time . Regular Monopoly . Natural Monopoly. Welfare Effects of Monopoly. Under a perfect competition the market price is the sales price leading to an efficient outcome, both productively and allocatively . Acknowledgments. This PowerPoint presentation is based on and includes content derived from the following OER resource:. Principles . of Microeconomics. An OpenStax book used for this course may be downloaded for free at:.