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Monopoly
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A market structure characterized by a single seller of a highly differentiated product
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Price Makers
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Buyers and sellers whose large transactions affect market prices
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Monopoly Underproduction
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Tendency for monopoly firms to restrict output to increase prices and earn economic profits
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Deadweight Loss From a Monopoly Problem
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Decline in social welfare due to the drop in mutually beneficial trade activity caused by monopoly
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Monopoly Problem
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Beneficial trade activity caused by monopoly
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Wealth Transfer Problem
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An unwarranted transfer of wealth measured by the transformation of consumer surplus into producer surplus
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Natural Monopoly
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Market in which the market-clearing price occurs at a point at which the monopolist's long-run average costs are still declining
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Patents
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Explicit monopoly rights conferred by public policy
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Regulatory Lag
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Delay between when a chance in regulation is appropriate and the date it becomes effective
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Oligopsony
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Market demand dominated by few buyers
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Monopsony
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Market in which there is a single buyer of a desired product or input
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Monopsony Power
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Ability to obtain prices below those that exist in a competitive market
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Bilateral Monopoly
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Markets in which a monopsony buyer faces a monopoly seller
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Antitrust Laws
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Laws designed to promote competition
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Market Niche
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A segment of a market that can be successfully exploited through the special capabilities of a given firm or individual
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