Monopoly ✦ Limited Time

: The firm and the industry are one and the same.

Monopolies typically form when "barriers to entry" protect a firm from competition: Monopoly

: There are no close substitutes available for consumers, leaving them with little choice. : The firm and the industry are one and the same

: To sell more units, the monopolist must lower its price. Sources of Monopoly Power (Barriers to Entry) Monopoly