2.1.1 Monopoly: Definition

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Skills You'll Learn

Externality, Economics, Microeconomics, Market (Economics)

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4.8 (400 ratings)
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DV

Oct 24, 2018

Love how the videos were brief, but informative. Very helpful class and exams weren't overly complicated. In the end, I felt as though I retained much of the knowledge.

AM

Apr 05, 2020

In the beginning, it started to clear out my basics. As we got closer to the end of the course, it related the theoretical knowledge gained to the practical scenario.

From the lesson
Monopoly
A monopoly is a case where there is only one firm in the market. We will define and model this case and explain why market power is good for the firm, bad for consumers. We will also show that society as a whole suffers from the lack of competition.

Taught By

  • Rebecca Stein

    Rebecca Stein

    Senior Lecturer

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