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Microeconomics, 9th Canadian Edition
Microeconomics, 9/e
Campbell R. McConnell, University of Nebraska, Lincoln
Stanley R. Brue, Pacific Lutheran University
Thomas P. Barbiero, Ryerson Polytechnic University

Pure Monopoly

Key Terms

Below are the key terms featured in this chapter. Clicking on a term will reveal its definition. The textbook's full glossary is also available for online searching.
Barriers to entry  Anything that artificially prevents the entry of firms into an industry.
Fair-return price  The price of a product that enables its producer to obtain a normal profit and that is equal to the average cost of producing it.
Network effects  Increases in the value of a product to each user, including existing ones, as the total number of users rises.
Price discrimination  The selling of a product to different buyers at different prices when the price differences are not justified by differences in cost.
Pure monopoly  A market structure in which one firm is the sole seller of a product or service.
Rent-seeking behaviour  The actions by persons, firms, or unions to gain special benefits from government at taxpayers' or someone else's expense.
Simultaneous consumption  A product's ability to satisfy a large number of consumers at the same time.
Socially optimal price  The price of a product that results in the most efficient allocation of an economy's resources.
X-inefficiency  Failure to produce any specific output at the lowest average (and total) cost possible.