1. Monopoly 2. OutlineI. Introduction A. Definition B. Barriers to EntryII. Monopoly in the Short-Run A. Demand B. Profit Maximization in the Short-Run 3. Outline (Cont.)III.…

1. Introduction ••Perfect Competition was one type of market structure. It had to satisfy many assumptions - some of which are not all that realistic. Now we will look…

1. Costs and Output Decisions in the Long Run 2. The Concept of Profit Profitis the difference between total revenue and total cost. The economic concept of profit takes…

Slide 1© 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair 8 Prepared by: Fernando Quijano and Yvonn Quijano Costs and Output Decisions…

1. The Concept of Profit• Profit is the difference between total revenueand total cost.• The economic concept of profit takes intoaccount the opportunity cost of capital.…

Slide 1 1 of 36 Long-Run Costs and Output Decisions Short-Run Conditions and Long-Run Directions Long-Run Costs: Economies and Diseconomies of Scale Long-Run Adjustments…