Principles of Microeconomics / Unit 8 MIC 0719 short lesson, about 20 seconds
Monopoly Against Competition on the Same Curves
Captions available
The idea
Take one market demand curve and one marginal cost curve. A competitive industry produces where price equals marginal cost. A monopolist produces where marginal revenue equals marginal cost, less, and charges more.
In practice
Six thousand doses at six dollars under competition; four thousand at eight under monopoly.
Where people slip
The comparison holds costs fixed: the same technology, sold by many firms or by one.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
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