Monopoly Graph Review and Practice- Micro Topic 4.2

Mr. Clifford introduces monopolies, highlighting their unique characteristics such as being price makers with high barriers to entry. He explains the monopoly graph, showing how monopolies set prices and maximize profits where marginal revenue equals marginal cost. The video covers revenue maximization, elasticity, and the concept of socially optimal quantity, emphasizing the inefficiencies and deadweight loss caused by monopolies. It concludes with the impact of taxes on monopoly pricing and output.

Describe the concept of consumer surplus in the context of a monopoly.

What is deadweight loss and how does it relate to monopolies?

How does a per unit tax affect the price and quantity in a monopoly?