March 19, 2018 

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LOCATION THEORY: A theoretical framework for studying the location decisions made of firms and households based on transportation cost and spatial differences in the accessibility of inputs and markets for outputs. Location theory, developed with noted contributions from August Losch, Alfred Weber, Johann von Thunen, Walter Christaller, and Walter Isard, explicitly considers the cost of transportation in the production and consumption choices made by firms and households. Location theory has been used to explain urban density, labor migration, and land use.

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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

    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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