Monopoly and market power
Monopoly and market power
A pure monopoly exists when one firm supplies the whole market and is protected by high barriers to entry. Monopoly power is the ability of a firm to influence price rather than accept the market price.
Step-by-step lessons on AQA A Level Economics 1.5.6 Monopoly and monopoly power. Each one builds up to exam-style questions. Start with the core supply-and-demand models before moving on to the more evaluation-heavy macroeconomic policy topics.