Chapter 15 - Monopoly

________ focus on the profit earned by the firm's owners, as well as the benefits received by the firm's consumers.

________ is a process where good is bought in one market at a low price but sold to another market at an even higher price to profit off the price difference.

Children and ________ are charged lower prices in movie theaters.

The ________ caused due to a monopoly are similar to the ________ that are caused due to taxes.

________ are offered in newspapers, magazines, or online to the public.

________ are sold at different prices to separate business travelers from leisure ones.

A(n) ________ will produce the largest possible income from a given stock of resources.

________: a firm that is the sole seller of a product without any close substitutes.

The ________ was passed by Congress in 1890, reducing the market power of dominating trusts at that time.

________ are mergers between firms at different stages of the production process.

________ are mergers between two firms in the same market.

The ________ was passed in 1914, causing the government's powers to grow and authorizing private lawsuits.

________: the business practice of selling the same good at different prices to different customers.

The ________ is an example of a natural monopoly.

The ________ shows that if more output is sold, Q will be higher, causing the total revenue to increase.

The ________ shows the prices falling, meaning P is lower, so the total revenue decreases.

_____________: a firm that is the sole seller of a product without any close substitutes.