2.2.4 Monopoly vs Perfect Competition: Example of Dead Weight Loss

From the course by University of Pennsylvania
Microeconomics: When Markets Fail
200 ratings
University of Pennsylvania
200 ratings
From the lesson
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.

Meet the Instructors

  • Rebecca Stein
    Rebecca Stein
    Senior Lecturer