Match each of the terms on the left with its definition on the right. Click on the term first and then click on the matching definition. As you match them correctly they will move to the bottom of the activity.
Monopolist Monopoly Market power Barrier to entry Natural monopoly Network externality Patent Copyright Public ownership Price regulation Monopsony Monopsonist Single-price monopolist Price discrimination Perfect price discrimination | a firm that is the only producer of a good that has no close substitutes. the exclusive legal right of the creator of a literary or artistic work to profit from that work; like a patent, it is a temporary monopoly. a monopoly that exists when increasing returns to scale provide a large cost advantage to having all output produced by a single firm. the increase in the value of a good or service to an individual is greater when a large number of others own or use the same good or service. something that prevents other firms from entering an industry. Crucial in protecting the profits of a monopolist. There are five types of barriers to entry: control over scarce resources or inputs, increasing returns to scale, technological superiority, network externalities, and government-created barriers. the ability of a producer to raise prices. the case in which goods are supplied by the government or by a firm owned by the government to protect the interests of the consumer in response to natural monopoly. a firm that is the sole buyer in a market. an industry controlled by a monopolist. the price discrimination that results when a monopolist charges each consumer the maximum that the consumer is willing to pay. a temporary monopoly given by the government to an inventor for the use or sale of an invention. a limitation on the price a monopolist is allowed to charge. charging different prices to different consumers for the same good. a market in which there is only one buyer but many sellers. a monopolist that offers its product to all consumers at the same price. |