Title
(4) The Long Run Equilibrium Situation in Monopoly
Topic Category
Monopoly
Publication Date
2011
Keywords
Monopoly, Long Run, Economic Profits, Allocative Inefficiency
Abstract
This describes the Long Run Equilibrium for Monopoly. It explains why the adjustment process described for Perfect Competition does not apply, and so that outcome is not obtained.
Recommended Citation
Crane, Steven E., "(4) The Long Run Equilibrium Situation in Monopoly" (2011). Principles of Microeconomics. Paper 50.
http://epublications.marquette.edu/microecon_learning/50
Run Time
1:56
Primary Discipline
Microeconomics
Skills Delivered
Ability to explain why the competitive adjustment process does not occur in Monopoly. Ability to explain why the Long Run Equilibrium is different from that of Perfect Competition
Rigor Level
2000
Prerequisites
Previous Monopoly and Perfect Competition Videos
COinS