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AMORTIZATION: The process of paying off a debt liability and accrued interest through a series of equal, periodic payments. Car loans and mortgages are two debts commonly paid off through amortization. Your monthly car payment, for example, partially pays for interest accrued on the outstanding balance and partly reduces that balance. Because one payment reduces the outstanding balance, each subsequent payment has a smaller portion for interest. If the proper amortization schedule has been calculated, your loan will be paid off with the last payment.

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Lesson Contents
Unit 1: Intro
  • Definition
  • Making A Monopoly
  • Real World Monopoly
  • Perfect Competition
  • Imperfect Competition
  • Unit 1 Summary
  • Unit 2: Revenue
  • Market Control
  • Monopoly Demand
  • Monopoly Revenue
  • The Numbers
  • Marginal Revenue
  • The Curves
  • Elasticity And The Curves
  • Unit 2 Summary
  • Unit 3: Output
  • Motivation
  • Total Numbers
  • Marginal Numbers
  • Total Curves
  • Profit Curve
  • Marginal Curves
  • Unit 3 Summary
  • Unit 4: Evaluation
  • Economic Profit
  • Loss Minimization
  • Efficiency
  • Short-Run Supply?
  • Unit 4 Summary
  • Unit 5: Regulation
  • Inefficiency
  • Antitrust Laws
  • Regulatory Pricing
  • Unit 5 Summary
  • Course Home
    Monopoly

    While this lesson on monopoly is not necessarily a "how to" guide for the monopolization of a market, it does provide insight into the nature and function of the monopoly market structure. We get a little insight into how a monopoly is created, and a lot of insight into what a monopoly does once it does have control of the market. Throughout this lesson, I'll me making snide comments about how inefficient monopoly is compared to more competitive markets.

    • The first unit of this lesson, One Firm, begins this lesson with a look at the nature of monopoly and how it is related to other market structures.
    • In the second unit, Revenue, we examine the revenue side of a market dominated by monopoly -- including total revenue, average revenue, and marginal revenue.
    • The third unit, Output, then looks at the profit-maximizing output production decision by a monopoly using assorted graphs and tables.
    • In the fourth unit, Evaluation, we analyze the profit-maximizing decision of monopoly in terms of profit, loss, efficiency, and short-run supply.
    • The fifth and final unit, Regulation, then closes this lesson by considering the role government plays in regulating monopoly.

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    PRICE TAKER

    A buyer or seller that has no market control and is not able to affect the price of a good. It must "take" or accept the going market price. The market structure that exemplifies price taker is perfect competition. In fact, perfect competition is the only example of price taker. This is one of two alternatives related to control over price. The other is price maker. Price taker is also termed price seeker.

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    Today, you are likely to spend a great deal of time at a flea market trying to buy either several magazines on computer software or a T-shirt commemorating the second moon landing. Be on the lookout for celebrities who speak directly to you through your television.
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