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Hi! Hi new econ students! This is Mr Clifford, welcome to ACDC econ. right now were gonna talk about monopoly And no, we cant play that board game I just hate that board game - everyone just cheats, and it ruins families Do you know how many divorces have been caused because of that board game?! [music] [music] Im assuming youve already learned a few things about monopolies - like, for example, it has a unique good with no close substitutes and its a price maker, as opposed to a price taker, like perfect competition. And the most important characteristic is that theres high barriers to entry so other firms cant enter - thats what makes a monopoly stay a monopoly. Now lets go straight to the graph for monopoly, to help you understand what it looks like. In perfect competition, there was a horizontal demand curve that was equal to the marginal revenue curve. But its not like that for monopoly. In fact, monopoly looks like this - When youre a price maker, you can sell your prod