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TOTAL REVENUE, MONOPOLY: The revenue received by a monopoly firm for the sale of its output. Total revenue is one of two parts a monopoly needs for the calculation of economic profit, the other is total cost. In general, total revenue is the price received for selling a good times the quantity of the good sold at that price. Because a monopoly completely controls its market and faces a negatively-sloped demand curve, it charges a different price for a given quantity. If a monopoly sells a relatively small quantity, it charges a relatively high price. If it sells a relatively smaller quantity, it charges a relatively lower price. However, once the monopoly determines its' price/quantity combination, total revenue calculation is relatively straightforward, multiply the price times the quantity.

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Lesson 20: Oligopoly | Unit 1: Intro Page: 3 of 24

Topic: Real World Oligopoly <=PAGE BACK | PAGE NEXT=>

  • Real world markets are heavily populated by oligopoly.

  • A few of the more important oligopoly markets are:

    • Automobiles

    • Computers

    • Petroleum

    • Tires

    • Banking

    • Long Distance

    • Television

    • Airlines


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PRODUCER SURPLUS

The revenue that producers obtain from a good over and above the price paid. This is the difference between the minimum supply price that sellers are willing to accept and the price that they actually receive. A related notion from the demand side of the market is consumer surplus.

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Today, you are likely to spend a great deal of time strolling through a department store trying to buy either an AC adapter that works with your MPG player or rechargeable batteries. Be on the lookout for letters from the Internal Revenue Service.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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