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Microeconomics and Behaviour
Microeconomics and Behaviour
Robert H. Frank, Cornell University
Ian C. Parker, University of Toronto
Monopoly

Below are the key terms featured in this chapter. Clicking on a term will reveal its definition. The textbook's full glossary is also available for online searching.
 
Arbitrage  The purchase of something for costless risk-free resale at a higher price.
Hurdle model of price discrimination  Price discrimination using an obstable that must be surmounted to become eligible for a discount price.
Monopoly  A market served by a single seller of a product with no close substitutes.
Natural monopoly  A market that can be served at lowest cost by a single supplier.
Optimality condition for a monopolist  A monopolist maximizes profit by choosing the level of output where marginal revenue equals marginal cost.
X-inefficiency  A condition in which a firm fails to obtain maximum output from a given combination of inputs.




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