Monopoly

"Monopolies and Anti-Competitive Markets: Crash Course Economics #25." YouTube video, 10:16. February 26, 2016. https://www.youtube.com/watch?time_continue=4&v=Sb_-wfmJnHA&feature=emb_logo

1. Can you name at least two sources of market power of a monopolist or higher barriers-to-entry to a monopoly market? Briefly explain why provide market power or are high barriers-to-entry to other firms.

2. Compare the economic profits of a perfectly competitive firm and a monopolist in the short-run and long-run given the main characteristics of perfect competition and monopoly markets (i.e. absence or presence of high barriers-to-entry, product homogeneity, no close product substitute.)

3. Compare the economic profits of a monopolist and monopolistic firm in the short-run and long-run given the main characteristics of a monopoly and and monopolistic firms (i.e. absence or presence of high barriers-to-entry, no close product substitute, product differentiation.)