Economics Year 13 revision Day 7 - Monopoly
On day 7 of the Year 13 Recap we look at the monopoly market structure.
It is often tempting to think that a monopoly market structure just involves one firm producing and selling a good and/or service in the market.
However, that only describes the theoretical case of a pure monopoly. By UK competition standards, a monopoly is one firm that has at least 25% of the market and therefore exerts control over other firms in the market. You need to be comfortable with this market structure and the welfare implications of this.
Here Jack guides you through the monopoly revision slide: