Economics (McConnell), AP* Edition, 20th Edition

LO 12.1

List the characteristics of pure monopoly.

LO 12.2

List and explain the barriers to entry that shield pure monopolies from competition.

LO 12.3

Explain how demand is seen by a pure monopoly.

LO 12.4

Explain how a pure monopoly sets its profit-maximizing output and price.

LO 12.5

Discuss the economic effects of monopoly.

LO 12.6

Describe why a monopolist might prefer to charge different prices in different markets.

LO 12.7

Distinguish between the monopoly price, the socially optimal price, and the fair-return price of a government-regulated monopoly.