{"id":6461,"date":"2018-02-05T15:36:28","date_gmt":"2018-02-05T15:36:28","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/outcome-revenue-costs-profit-and-losses-in-monopolies\/"},"modified":"2024-04-25T21:59:12","modified_gmt":"2024-04-25T21:59:12","slug":"introduction-to-profit-and-losses-in-monopolies","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/introduction-to-profit-and-losses-in-monopolies\/","title":{"raw":"Introduction to Profit and Losses in Monopolies","rendered":"Introduction to Profit and Losses in Monopolies"},"content":{"raw":"<h2>What you\u2019ll learn to do: calculate and graph a monopoly's costs, revenues, profit and losses<a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2042\/2018\/02\/02200333\/5899676716_4229b3a40a_o-1.jpg\"><img class=\"aligncenter wp-image-8068 \" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2042\/2018\/02\/02200333\/5899676716_4229b3a40a_o-1-1024x683.jpg\" alt=\"Image of street art showing the main male character from the game Monopoly. The character wears a black top hat and an old fashioned tuxedo. The character has a worried look on their face. In the background is the word &quot;Money&quot; in white letters. \" width=\"438\" height=\"292\" \/><\/a><\/h2>\r\nWe know that because a monopolist controls the market for a good or service, they get more say in how much they want to produce and what price to sell it at. In this section, you'll see how they make those decisions.","rendered":"<h2>What you\u2019ll learn to do: calculate and graph a monopoly&#8217;s costs, revenues, profit and losses<a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2042\/2018\/02\/02200333\/5899676716_4229b3a40a_o-1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-8068\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2042\/2018\/02\/02200333\/5899676716_4229b3a40a_o-1-1024x683.jpg\" alt=\"Image of street art showing the main male character from the game Monopoly. The character wears a black top hat and an old fashioned tuxedo. The character has a worried look on their face. In the background is the word &quot;Money&quot; in white letters.\" width=\"438\" height=\"292\" \/><\/a><\/h2>\n<p>We know that because a monopolist controls the market for a good or service, they get more say in how much they want to produce and what price to sell it at. In this section, you&#8217;ll see how they make those decisions.<\/p>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-6461\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Introduction to Profit and Losses in Monopolies. <strong>Authored by<\/strong>: Steven Greenlaw and Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>Money!. <strong>Authored by<\/strong>: Thomas Galvez. <strong>Provided by<\/strong>: flickr. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/www.flickr.com\/photos\/togawanderings\/5899676716\/\">https:\/\/www.flickr.com\/photos\/togawanderings\/5899676716\/<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":29,"menu_order":5,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"Introduction to Profit and Losses in Monopolies\",\"author\":\"Steven Greenlaw and Lumen Learning\",\"organization\":\"\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"Money!\",\"author\":\"Thomas Galvez\",\"organization\":\"flickr\",\"url\":\"https:\/\/www.flickr.com\/photos\/togawanderings\/5899676716\/\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"3b013040-063e-4828-bc99-ae1728fe9613","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-6461","chapter","type-chapter","status-publish","hentry"],"part":6451,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/6461","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/users\/29"}],"version-history":[{"count":8,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/6461\/revisions"}],"predecessor-version":[{"id":10193,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/6461\/revisions\/10193"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/parts\/6451"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/6461\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/media?parent=6461"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapter-type?post=6461"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/contributor?post=6461"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/license?post=6461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}