Monopoly Dead Weight Loss Review- AP Microeconomics

Mr. Clifford explains key economic concepts related to monopolies, including consumer and producer surplus, and deadweight loss. He compares monopolies to perfect competition, highlighting inefficiencies and differences in price and quantity. The video uses graphs to illustrate these concepts, emphasizing how monopolies result in higher prices and lower quantities, leading to deadweight loss.

Describe how the price and quantity produced by a monopoly differ from those in a perfectly competitive market.

What implications does a monopoly have on consumer welfare compared to a competitive market?