1st topic

• Monopoly - it owns patent or copyright
• Monopoly - difficult to enter and owned by economies of scales
• Monopoly- has control over the price
• Imperfect Competition - a firm has some measure or control over the price of the commodity selling, thus it can affect the market price of the output
• Monopsony - a market situation where there is only one buyer of a good or service in the market
• Perfect competition - a market structure with many buyers and sellers that are all small relative to the total size of the market. Each seller produces an identical product and cannot differentiate their products from those produced by other firms.
• Monopolistic competition - a type of imperfect competition where there are many firms producing similar but not exactly identical goods. Firms have some degree of market power due to barriers to entry, but they still face competition from rival firms.
• The law of diminishing marginal utility states that as we consume more of any given good, our satisfaction from consuming additional units decreases.
• Natural Monopoly- a firm can supply the entire market due to the fundamental cost structure of fhe industry. Arises whenever Capital cost is large enough than Variable cost
• Diseconomies of scale - when average costs increase as production increases
• Economies of Scale - when average costs decrease as production increases