Monopoly Power Definition Economics -
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Monopoly isn't just a board game. It refers to a condition in which a single firm wields dominant power over an entire market. This illustrates an important concept in economics dealing with the tendency of free markets to fail under certain conditions. Monopoly power also called market power refers to a firm’s ability to charge a price higher than its marginal cost. Monopoly power typically exists where the there is low elasticity of demand and significant barriers to entry. Pfizer, inventors of the drug Viagra, have a patent on the drug, thus Pfizer is the only company that can produce and sell Viagra until the patent runs out. Patents are tools that governments use to promote innovation, as companies should be more willing to create new products if they know they'll have monopoly power over those products.

That is, the Lerner’s Index of monopoly power is nothing but the reciprocal of the numerical coefficient of price-elasticity of demand for the product, which supports our idea that the less elastic is the demand for the product, the more would be the degree of monopoly power, and vice versa. Monopoly power synonyms, Monopoly power pronunciation, Monopoly power translation, English dictionary definition of Monopoly power. n. pl. mo·nop·o·lies 1. Exclusive control by one group of the means of producing or selling a commodity or service:. monopoly - economics a market in which there are many buyers but only one seller. Economics Sources of Monopoly Power Monopoly power is the ability to set prices above marginal cost and that the amount by which price exceeds Marginal cost depends inversely on the elasticity of demand facing the firm. The less elastic the demand curve, the more monopoly power a firm has. There are no benefits to a Monopoly Power that aren’t greatly outweighed by awful economic, political, ethical and social issues. While it seems great in priciple from an efficiency point of view, the exact cause of the issue is in in the “Power” part of “Monopoly Power”.

In this lesson, you will learn about monopolistic markets and what a monopoly means for producers and consumers. After this lesson, you will understand why the name of one of our all-time favorite board games really makes perfect sense. Sources of Monopoly Power. This sections looks at the sources of monopoly power and covers how monopoly power is influenced and the monopoly model for A-level Economics. Monopoly: Meaning, Definitions, Features and Criticism! Meaning: The word monopoly has been derived from the combination of two words i.e., ‘Mono’ and ‘Poly’. Mono refers to a single and poly to control. In this way, monopoly refers to a market situation in which there is. Sometimes a monopoly is necessary. It ensures consistent delivery of a product or service that has a very high up-front cost. An example is electric and water utilities. It's very expensive to build new electric plants or dams, so it makes economic sense to allow monopolies to control prices to pay for these costs.

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