What Causes a Monopoly? | Microeconomics
Monopolies are market structures in which a firm is the sole seller of a product without close substitutes. Let's review what a monopoly is, how to spot a monopoly, and five main categories of monopoly power: exclusive control over crucial inputs, intellectual property like patents, network economies, licenses or franchises, and economies of scale.
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00:00 Intro
00:29 Defining monopoly
01:27 Recognizing a monopoly
02:15 Determinants of market power