Unit 2.11(3): Market power - Monopoly(HL)
This page covers monopoly in terms of the nature of the market, barriers to entry, price and output, profits and losses and efficiency. A monopoly exists when one firm's output accounts for the industry's total market supply. Domestic water supply in an area is an example of a monopoly. Many countries consider firms whose total revenue accounts for a high proportion of total market revenue as having monopoly power....