Monopoly (Economics)

Recall cards on monopoly: a single firm that is the only seller of a product with no close substitutes. How monopolies form and persist behind barriers to entry, natural monopolies from large economies of scale, legal monopolies and deregulation, control of a scarce resource, and the intellectual-property barriers of patents, trademarks, copyrights, and trade secrets, plus predatory pricing. Then how a profit-maximizing monopoly chooses output and price on its downward-sloping market demand curve: why marginal revenue is less than price and its curve lies below demand, finding output where marginal revenue equals marginal cost, reading price off the demand curve, and why the result is a lower quantity and a higher price than perfect competition.