Assertion: monopoly | /r/HasProperty | inefficient
Facets:
value: productively
type: MANNER
value: allocatively
type: DEGREE
Source sentences:
text: A monopoly is allocatively inefficient because in monopoly (at Qm) the price is greater than MC.
text: A monopoly is productively inefficient because the output does not occur at the lowest point on the AC curve.
text: Some economists argue that monopolies are inefficient, and recommend promoting competitive markets so that consumers are more able to access a range of services and products at different prices.
text: To understand why a monopoly is inefficient, it is useful to compare it with the benchmark model of perfect competition.