Review the narrated lecture below http://lectures.mhhe.com/narrated_slides/0078021758/chapter12/presentation_html5.html
Review Chapter 12 in the Microeconomics textbook.
Review the video from Khan Academy on Monopoly https://www.khanacademy.org/economics-finance-domain/microeconomics/perfect-competition-topic/monopolies-tutorial/v/monopoly-basics
Discuss the economic effects of monopoly. Be sure to include the following:
1. Monopoly price compared to the price of a competitive firm
2. Efficiency of resource allocation
3. Monopoly and its impact on large-scale production and unit cost of production