question
pure monopoly
answer
single firm is the sole producer of a product for which there are no close substitutes
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barriers to entry
answer
factors the prohibit firms from entering an industry
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simulataneous consumption
answer
products ability to satisfy a large number of consumers at the same time
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network effects
answer
present if the value of a product to each user (including existing) increases as the total number of users rises
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x-infficiency
answer
when a firm produces output at a higher cost than it is necessary to produce it.
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rent-seeking behaivor
answer
any activity designed to transfer income or wealth to a particular firm or resource supplier at someone else's or even societies expense
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price discrimination
answer
selling a specific product at more than one price when the price differences are not justified by cost differences.
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socially optimal price
answer
price of a product that results in the most efficient allocation of an economies rescouses and that is equal to the marginal cost of the product.
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fair-return price
answer
equal to normal profit
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