over the quantity produced.
natural monopoly
An industry characterized by economies of scale sufficiently large that
one firm can most efficiently supply the entire market demand.
Crown corporations
In Canada, businesses owned by the federal or provincial government.
competition policy
Policy designed to prohibit the acquisition and exercise of monopoly
power by business firms.
derived demand
The demand for a factor of production that results from the demand for
the products that it is used to make.
marginal revenue product (MRP)
The extra revenue that results from using one more unit of a variable
factor.
factor mobility
The ease with which a factor of production can move between firms,
industries, occupations, or regions.
compensating differential
A difference in the payment to a factor of production (usually labour)