Monopoly - A firm which controls all the output in a market, Monopoly power - The ability to set price, Price discrimination - Charging a different price for the same good in different markets or different segments of the market, Monopsony - When there is only one buyer in the market, Bilateral monopoly - When there is a monopoly and a monopsony in a market, Monopsony power - When a firm is able to change the price at which they buy from suppliers, Contestable markets - A market where there is freedon of entry and barriers to exit are low, Hit and run competition - When firms can easily enter a market when profits are high and leave at low cost when profits fall, Working monopoly - Any firm with a market share greater than 25%, Limit pricing - When a firm sets a price low enough to discourage new entry,

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