Economics Homework Help

1. What are the types of monopolies? Why do monopolies exist? What are some examples?

Is a market

structure when there is one seller of a good or service that does not have a substitute.

2. What is market power? What are barriers to entry?

3. How do you graph a monopoly? What curves are needed? Why do the curves (especially MR) look the way they do? 4. How does the graph differ when you are making an economic profit vs. economic loss? Identify the profit or loss.

5. What is the difference between a monopoly and a competitive market?

6. How do monopolies choose their price and quantity?

7. How do monopolies affect society’s well-being?

8. What do governments do a bout monopolies?