Micro: Unit 4.3 -- Monopolies

Hey Everyone! I'm Mr. Willis, and You Will Love Economics!
In this video, I will:
- Review the key characteristics of monopolies
- Discuss how monopolistic firms are "price makers"
- Demonstrate how to spot when monopolies are earning
economic profits, taking economic losses, and breaking even
- Reveal how to identify price, quantity of output, total revenue, and
economic profits/losses on a graph for a typical firm
- Explain why monopolies use non-price competition
- Investigate how monopolies are productively inefficient in the long-run
- Describe barriers to entry and how high barriers make it difficult for firms
to enter the industry and compete with dominant firms
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[@suzyli3057]

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[@sarveshtahal3402]

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[@muhammadrahman106]

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