Monopoly

Harry Rock4590
Mind Map by Harry Rock4590, updated more than 1 year ago
Harry Rock4590
Created by Harry Rock4590 almost 6 years ago
35
1

Description

econ revision

Resource summary

Monopoly
  1. Types of monopoly
    1. Pure monopoly: 100%
      1. Dominant monopoly 40%
        1. Legal monopoly 25%
          1. Natural monopoly: LRAC is lowest
            1. All can be investigated by the CC (competition Commission)
            2. Characteristics
              1. Can acquire supernormal profits in long run
                1. Price Maker: they set the price level in the market
                  1. Profit maximisation: MC=MR
                    1. Reduced choice
                      1. Low dynamic efficiency
                      2. Examples
                        1. British Telecom (BT)
                          1. Post Office
                            1. Apple
                              1. Coca Cola
                                1. Google
                                  1. National Rail
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