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Explore the concept of monopoly in this lecture from MIT's Principles of Microeconomics course taught by Prof. Jonathan Gruber. Understand what happens when there is only one seller of a good or service, examining key topics such as monopoly profit maximization and the welfare effects of monopolistic markets. Learn fundamental microeconomic principles that explain how monopolies operate and impact market outcomes. This 47-minute video is part of MIT OpenCourseWare's Fall 2023 economics curriculum, available with a Creative Commons BY-NC-SA license as part of a complete course accessible through OCW's website.
