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 Pure Monopoly | A monopoly in which there is only one seller, there are no substitutes for a product or service, getting into and out of the market is difficult, and there is almost complete control over prices |
| Natural Monopoly | a single seller that can survive only by achieving massive economies of scale. Example. Power Companies |
| Monopoly Power | The ability to control price and/or market share. |
| Price Discrimination | the business practice of selling the same good at different prices to different customers |
| Rent-seeking behavior | any activity designed to transfer income or wealth to a particular firm or resource supplier at some one else's or society's expense. |
| Economies of Scale | A situation in which goods can be produced more efficiently and cheaply by larger companies. |