Tag: Why analyze a firm’s profit maximizing strategies under conditions of a monopoly?

  Monoplane by Robert Payne, CC-BY. If perfect competition is at one end of the competitive spectrum, at the other end is monopoly.  Mono means one. A monoplane is an aircraft with one wing. A monocle is a single eyeglass. Monopoly is a single supplier, the only firm in an industry. Monopolies have monopoly power, which is…