Monopoly defined and contrasted with ‘Monopsony.’
Discussion on ‘single payer’ national health care versus using insurance companies.
The four factors affecting the relative price elasticity of demand for a good or service.
Income elasticity - calculations, importance of the sign of the coefficient; normal and inferior goods.
Cross price elasticities - substitutes and complements, calculations, importance of the sign of the coefficient.
Emphasis on the ‘Elasticities Review Quiz’ on Connect in exam preparation.