4.1.5.6 Monopoly and Monopoly Power (AQA A Level Economics Teaching Powerpoint)

This editable and downloadable PowerPoint covers many different aspects of monopoly and monopoly power.

Monopoly power is the market power that a single firm has when it's the only supplier of a particular good or service. In this situation, the firm has the ability to set prices without worrying about competition from other firms. This can result in higher prices and less choice for consumers. For example, a local electric company that's the only provider of electricity in an area has monopoly power, since consumers don't have the option to choose another provider. Monopoly power can also lead to inefficiencies, since the firm doesn't have to worry about improving its products or services to compete with others.