What is a price searching firm? Define monopoly. What are the three barriers to entry discussed in class today?

Read about barriers to entry with respect to the legal profession.

Also, here is a remarkable example of spontaneous order.

Graphically show a monopolistic firm earning an economic loss. Under what circumstances might a monopoly firm operate while earning economic losses? Why would a firm want monopoly rights to produce a product that it believes would earn an economic loss?

Show a monopoly earning a normal profit.

Why does marginal revenue not equal demand for a monopoly firm?

Invisible Heart readers will find this story from Dani Rodrik's weblog of interest.