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1

Natural monopoly

Cost goes down as the firm grows

2

Govt sanction monopoly

The govt gives exclusive rights over resource to a firm

3

Oligopoly

A market that is dominated by a few firms

4

Monopolistic competition

A type of market where there are many sellers of a differentiated market

5

Market power

The ability to influence the price of a product or resource

6

What are the four types of monopolies

-Natural monopoly
-Government sanction monopoly
-oligopoly
-monopolistic competition

7

Three positive function involvement in government

Private property rights
Common property
Public goods

8

3 dangers in involvement

Rational ignorance of voters
Special interest effects
Short sightedness

9

Broad danger in involvement

Political institutions make the self interest of an individual in govt come into conflict with public interest

10

Cost goes down as the firm grows

Natural monopoly

11

The government gives exclusive rights over resource to a firm

Government sanction monopoly

12

A market that is dominated by a few firms

Oligopoly

13

A type of market where there are many sellers of a differentiated market

Monopolistic competition