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 DERIVATION, SAVING LINE: A saving line, a graphical depiction of the relation between household sector saving and income, can be derived from the consumption line. The saving line can also be derived by plotting the saving-income information from a saving schedule or using the slope and intercept values of the saving function. However, derivation from the consumption line emphasis the connection between consumption and income--that the household sector uses a portion of income for consumption and a portion for saving.
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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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PERSONAL INCOME

The total income received by the members of the domestic household sector, which may or may not be earned from productive activities during a given period of time, usually one year. Personal income (PI) is one of three measures of income reported in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other two are national income (NI) and disposable income (DI). Two related measures of production are gross domestic product (GDP) and net domestic product (NDP). The primary use of personal income is to measure the income actually paid out to the household sector. After adjusting for income taxes, personal income forms the basis for consumption expenditures on gross domestic product.

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