Read the following to prepare for this week:
Survey of Economics, Chapter 7: Monopoly and Price Discrimination
Video:
MIT OpenCourseWare video lecture series, “Monopoly”
9.3 Test your Knowledge (Question):
Watch the following video(s), which you can access in the Weekly Media object or by clicking on the link(s) below: and answer the question. :
Q1 What is monopoly? Why a monopolist is referred as price maker? Using marginal principle, explain with help of graph, to maximize profit how price-output relationship is achieved by a monopolist.
9.4 Instructions
Answer the question in test your knowledge section.
Post your answer in the discussion board using the discussion link