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Monopoly

Chapter 13

QuestionAnswer
Barriers to entry Obsstacles preventing the arrival of new firms to compete with the monopolist
Deregulation This is where the government allows more suppliers of a good or service into the market and removes restrictions on their activities.
Legal monopoly A situation where the government has enacted a law giving a state company exclusive rights to supply a particular good or service.
Monopoly A monopoly is a market structure where the entire output of a good or service is supplied by one firm.
Natural monopoly This is where a firm acquires a monopoly through its ownership of an essential raw material required for production.
Patent A temporary monopoly granted to a company that has invented a new product or process so that it can recoup its costs before facing competition.
Created by: jmartineconomics
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