A market structure characterized by a single seller of a well-defined
product for which there are no good substitutes and by high
barriers to the entry of any other firms into the market for
that product.
A market situation in which the average costs of production
continually decline with increased output. Thus, a single
firm would be the lowest-cost producer of -the output demanded.
The grant of an exclusive right to use a specific process or produce a
specific product for a period of time ( 17 years in the United
States).
A practice whereby a seller charges different consumers different prices
for the same product or service.
A seller with imperfect information, facing a downward sloping demand
curve, who trys to find the price that maximizes profit.
