Micro Unit 4 Intro- Imperfect Competition AP Economics

Jacob Clifford introduces imperfect competition, focusing on monopolies, their characteristics, and how they differ from perfect competition. He explains the concept of price makers and the relationship between demand and marginal revenue, using a review packet example to illustrate price setting. The video concludes with a discussion on graphing demand and marginal revenue, emphasizing the importance of understanding these concepts in economics.

Explain the concept of price discrimination in the context of monopolies.

What are the characteristics of a monopoly?

How does the demand curve differ for monopolies compared to perfect competition?

What happens to marginal revenue when a monopoly lowers its price?

Describe the relationship between demand and marginal revenue for price makers.