Micro: Unit 4.4 -- Monopolistic Inefficiency

Hey Everyone! I'm Mr. Willis, and You Will Love Economics!
In this video, I will:
- Discuss how "price making" power allows monopolies to over-charge consumers
compared to perfect competitive markets
- Demonstrate how monopolies under-produce their output, causing them to be
allocatively inefficient
- Compare the consumer and producer surplus of an allocatively efficient industry to
that of a monopoly
- Explain why monopolies feel no pressure to produce their output at productively
efficient levels
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