Monopoly

TOPIC:             Monopoly

DATE:            TO BE ANNOUNCED.

TEXT REFERENCES:     Mankiw, Chapter 15

1.     The definition of monopoly and the requirements to be a "pure monopoly"

2.     Common barriers to entry and the reason for a natural monopoly

3.     The monopoly model in the short run

    A.     The downward sloping average revenue (demand) and marginal revenue curve of the monopoly firm

    B.     The possibilities of profits or losses to the monopoly firm in the short run

4.     The possibilities of profits or losses in the long run

5.    The efficiency implications of competition and monopoly

    A.    Technological efficiency

    B.    Allocative efficiency

6.     The regulation of the natural monopoly