Monopoly - efficiency and welfare.

Worth taking a look at the following Tutor2u resource to refresh yourself on this topic:

http://www.tutor2u.net/economics/reference/monopoly-power-and-economic-efficiency-and-welfare

Welfare economics - illustrate the effect of monopolising a market (do not draw an AC curve).

You need to be able to confidently identify and discuss the question of monopoly and efficiency. As a diagram challenge can you explain and illustrate the following with regards to a monopoly firm:

• Allocative efficiency
• Productive efficiency
• Dynamic efficiency
• Economies and Diseconomies of Scale
• X-inefficiency

Regarding x inefficiency - worth looking at 'too big to fail' in the financial markets:
http://www.tutor2u.net/economics/blog/economics-at-the-movies-too-big-to-fail
http://www.tutor2u.net/economics/reference/financial-economics-financial-market-failure

Natural Monopoly
http://www.tutor2u.net/economics/reference/natural-monopoly
http://www.economicshelp.org/blog/glossary/natural-monopoly/

Price Discrimination - focus on 3rd degree
http://www.economicsonline.co.uk/Business_economics/Price_discrimination.html