Monopoly

In this video, you’ll explore a market structure where a single firm dominates the entire market. A monopoly exists when one company controls the supply of a unique product or service, allowing it to set prices without competition. The video covers the characteristics of a monopoly, such as high barriers to entry, lack of close substitutes, and price-making ability. Join Professor Chad Syverson to understand how economists analyze monopolistic markets and the potential consequences for consumers and the economy.