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Monopolist optimizing price: Dead weight loss | Microeconomics | Khan Academy

Video vocabulary

would

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US / wʊd /

UK / wʊd /

A1
  • other
  • Used to indicate something imagined
  • Used to ask or request something politely
  • Verb used to indicate possibility, request etc.
  • Used to indicate a preference
  • Used to indicate a reaction
  • Indicates something that occurred repeatedly
  • Used to indicate willingness or ability to do

but

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US / bət /

UK / bʌt,bət /

A1
  • conjunction
  • Used before you say something different, opposite

give

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US / ɡɪv /

UK / ɡɪv /

A1
  • noun
  • Degree of flexibility in something, a material
  • verb
  • To hand over or present something to someone
  • To cause someone to have or experience something

good

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US / ɡʊd /

UK / ɡʊd /

A1
  • adjecitve
  • Proper, appropriate or right
  • (Of an amount) enough; plenty
  • Excellent; high quality
  • Acting well or properly; of moral character
  • In a positive or happy emotional state
  • noun
  • Advantage or benefit

research

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US / rɪ'sɜ:tʃ /

UK / rɪˈsɚtʃ, ˈriˌsɚtʃ /

A2
  • noun
  • Study done to discover new ideas and facts
  • Work done to find or discover knowledge
  • verb
  • To study in order to discover new ideas and facts

can

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US / kæn /

UK / kən,kæn /

A1
  • noun
  • A metal container for storing food
  • other
  • Able to; have the skill to; have the time to
  • verb
  • To have permission to
  • To be possible to do
  • To preserve food by sealing it in a metal container

minimum

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US / ˈmɪnɪməm /

UK / ˈmɪnəməm /

B1
  • noun
  • Smallest degree or level that is acceptable

not

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US / nɒt /

UK / nɑt /

A1
  • adverb
  • Word indicating the negative
  • (Used to form the negative of verbs)

our

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US / 'aʊə(r) /

UK / aʊr /

A1
  • determiner
  • Belonging to us

whole

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US / həul /

UK / hol /

A1
  • adjecitve
  • Complete or full; all of
  • Being in a good condition
  • noun
  • Complete amount or sum; total

deal

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US / di:l /

UK / dil /

A1
  • verb
  • To cope with something - usually troubles
  • To give (something bad e.g. news) to
  • To buy and sell illegal drugs
  • To give out (cards, etc.) to; distribute
  • To do business with someone or to sell products

intersection

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US / ˌɪntə'sekʃn /

UK / ˌɪntɚˈsɛkʃən /

B2
  • noun
  • Place where two things cross

now

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US / naʊ /

UK / naʊ /

A1
  • adverb
  • At the present time or moment
  • Right away or in the next possible moment
  • Used to refer to something that just happened
  • Time between the present and a moment in the past
  • conjunction
  • Resulting from or because of something

table

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US / ˈteɪbl /

UK / ˈtebəl /

A1
  • noun
  • Diagram that shows data in rows and columns
  • Raised flat surface you sit at to work or eat
  • verb
  • To leave an idea to be discussed at a later date

want

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US / wɔnt /

UK / wɑnt, wɔnt /

A1
  • noun
  • Something you desire or wish for
  • State or condition of poverty
  • verb
  • To desire or wish for something; hope for a thing

weight

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US / weɪt /

UK / wet /

A2
  • noun
  • How heavy something is
  • Metal object to measure how heavy something is
  • Importance, power, and influence person, thing has
  • A source of worry, sadness, or emotional stress

video

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US / 'vɪdɪəʊ /

UK / ˈvɪdiˌo /

A2
  • adjecitve
  • Of a moving film, with sound
  • noun
  • Recording capturing action with sound
  • verb
  • To make a moving film of, with sound

beyond

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US / bɪ'jɒnd /

UK / biˈɑnd, bɪˈjɑnd /

A2
  • adverb
  • On or to the farther side
  • In addition to
  • preposition
  • Later in time than
  • Out of the limits of

keep

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US / ki:p /

UK / kip /

A1
  • noun
  • Large, strong tower in the middle of a castle
  • Money spent on you so you can live in a place
  • verb
  • To continue doing something; not to stop
  • To stop balls going in a goal in sports
  • To not give back or return something
  • (Of food) to not spoil or not rot
  • To take possession of something to own, e.g. a pet
  • To have and continue to hold something
  • To do something that you have promised or agreed
  • To stay in a certain place or condition
  • To maintain the rules

something

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US / ˈsʌmθɪŋ /

UK / ˈsʌmθɪŋ /

A1
  • adverb
  • In some degree or measure
  • noun
  • a person or thing of some value or consequence
  • pronoun
  • Thing that is not yet known or named
  • Approximately

optimize

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US / ˈɒptɪmaɪz /

UK / ˈɑ:ptɪmaɪz /

B2
  • verb
  • To make as effective as possible

only

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US / ˈəunli /

UK / ˈonli /

A1
  • adverb
  • Just one; just that amount or thing; not more than
  • Not very important or serious
  • Just that type of thing, person
  • Short time ago; not before a certain time
  • conjunction
  • Except; but

marginal

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US / 'mɑ:dʒɪnl /

UK / ˈmɑrdʒənəl /

B2
  • adjecitve
  • Very small; on the edge; not important

national

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US / 'næʃnəl /

UK / ˈnæʃənəl, ˈnæʃnəl /

A2
  • adjecitve
  • Concerning a nation as a whole
  • noun
  • A person of a particular country

out

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US / aʊt /

UK / aʊt /

A1
  • adverb
  • No longer stylish (e.g. fashion)
  • Away from home, business, or the usual place
  • In a direction/movement away from inside or center
  • noun
  • Act when a batter cannot continue playing
  • verb
  • To tell people a secret

over

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US / 'əʊvə(r) /

UK / ˈovɚ /

A1
  • adverb
  • Finished; no longer happening
  • Towards the ground/away from a standing position
  • noun
  • A set of six consecutive balls bowled in cricket
  • other
  • Finished
  • preposition
  • Showing the relation when a thing is above another
  • On or covering something
  • Above or across something
  • More than you need
  • From one side to the other
  • In the direction of; toward

industry

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US / 'ɪndəstrɪ /

UK / ˈɪndəstri /

A1
  • noun
  • Hard work; being busy working
  • Factories or businesses that make certain products

any

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US / 'enɪ /

UK / ˈɛni /

A1
  • adjecitve
  • One, or some, no matter which
  • pronoun
  • One (thing) of many; some

decide

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US / dɪ'saɪd /

UK / dɪˈsaɪd /

A2
  • verb
  • To make a choice or choose after thinking about it
  • To make a legal judgment in court
  • to affect the result of something

monopolist

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US / məˈnɒpəlɪst /

UK / məˈnɑːpəlɪst /

C2
  • noun
  • Someone who controls the market for a product

generalizable

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US / /

UK / /

A1
  • other

think

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US / θɪŋk /

UK / θɪŋk /

A1
  • verb
  • To have an idea about something without certainty
  • To have an idea, opinion or belief about something

another

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US / əˈnʌðə(r) /

UK / əˈnʌðɚ /

A1
  • adjecitve
  • One more, but not this
  • determiner
  • One more added
  • pronoun
  • One more (thing)

and

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US / ənd /

UK / ənd, ən,ænd /

A1
  • conjunction
  • Used to refer to two or more things
  • Plus; in addition; on top of that
  • Used to introduce an action that follows another

base

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US / beɪs /

UK / bes /

A2
  • noun
  • Place military personnel live, train, and operate
  • Bottom part of an object that touches a surface
  • Unit of counting, e.g. 10 for counting
  • Most important idea or ingredient to add others
  • Origin or start from which something came
  • Main place where an organization or a person works
  • verb
  • To use as the starting point or origin for
  • To have as the main location for (company, etc.)

money

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US / 'mʌnɪ /

UK / ˈmʌni /

A1
  • noun
  • Coins or notes we use to pay for things

until

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US / ənˈtɪl /

UK / ʌnˈtɪl /

A1
  • conjunction
  • Up to; to a time when something happens
  • preposition
  • Before (a specific time)

leave

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US / li:v /

UK / liv /

A1
  • noun
  • Permission to do something
  • Vacation time; time off work
  • verb
  • To go away from; depart
  • To gift property to someone after you die
  • To allow something to continue happening
  • To let something remain unused or available
  • To let something or someone remain somewhere

owner

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US / ˈəʊnə(r) /

UK / ˈoʊnə(r) /

A1
  • noun
  • Person who owns or has something

where

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US / hwɛə /

UK / hwɛr, wɛr /

A1
  • conjunction
  • At or in the place which
  • In whatever place
  • pronoun
  • Word you use to ask the location of something

producer

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US / prəˈdju:sə(r) /

UK / prəˈdu:sə(r) /

A1
  • noun
  • Company producing or growing a certain product
  • Person who organizes the making of a movie

those

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US / ðəʊz /

UK / ðoz /

A1
  • determiner
  • The people or things we are talking about
  • pronoun
  • The objects far from the speaker

for

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US / fə(r) /

UK / fɔr,fə /

A1
  • preposition
  • Used to show the purpose, or need of something

consumer

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US / kənˈsju:mə(r) /

UK / kənˈsumɚ /

A2
  • noun
  • Person who buys goods or services

just

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US / dʒʌst /

UK / dʒʌst /

A1
  • adjecitve
  • Proper or appropriate; as is deserved
  • Doing or being what is right or fair
  • Legally correct; having enough evidence
  • adverb
  • Almost; nearly
  • Exactly at the time of
  • Exactly (the same as, like)

line

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US / laɪn /

UK / laɪn /

A1
  • noun
  • Border that divides two places or regions
  • Long crease in the skin, often from age
  • Mark that is long, straight and very thin
  • Row of words, letters or numbers that are written
  • Telephone connection
  • People waiting one behind the other; queue
  • Long thin wire, e.g. for electrical signal
  • verb
  • To put material along the inside of something

talk

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US / tɔ:k /

UK / tɔk /

A1
  • noun
  • Style of speaking
  • Discussion between two countries
  • Giving information in front of people; lecture
  • Saying things or ideas to someone with words
  • verb
  • To make a formal speech about something
  • To say things or ideas to someone with words

definitely

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US / ˈdefɪnətli /

UK / ˈdefɪnətli /

A2
  • adverb
  • Without question; beyond doubt

per

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US / pə(r) /

UK / pɚ /

A2
  • preposition
  • In the manner directed or suggested
  • For each; during each

slope

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US / sləʊp /

UK / sloʊp /

B1
  • noun
  • Angle of a decline, e.g. where a road dips down
  • Surface on which people can ski
  • verb
  • To have one end that is not as high as the other

start

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US / stɑ:t /

UK / stɑrt /

A1
  • noun
  • First time or place that a thing exists; beginning
  • First opportunity to achieve something, e.g. a job
  • Sudden action or movement because you are scared
  • other
  • Beginning of something in place or time
  • verb
  • To do, be or happen for the first time; begin
  • To turn something on

well

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US / wel /

UK / wɛl /

A1
  • adjecitve
  • Being in a fortunate, good condition or state
  • Healthy and in good condition
  • adverb
  • In an acceptable, proper, or successful manner
  • In a complete, total, or full manner
  • A great and considerable degree
  • In a successful way, in a good or satisfactory way
  • exclamation
  • Used to begin or continue a particular statement
  • Used to show you want to start saying something
  • Used to express that you are waiting for a reply
  • You say this to change the topic of a conversation
  • Used to indicate you are making a final remark
  • noun
  • Long deep hole in the ground to get water
  • verb
  • To cause your eyes to fill with tears

surplus

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US / ˈsɜ:pləs /

UK / ˈsɚpləs, -ˌplʌs /

B1
  • adjecitve
  • More than is needed or wanted
  • noun
  • Extra amount of something above what you need

few

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US / fju: /

UK / fju /

A1
  • pronoun
  • Not many, a small number

much

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US / mʌtʃ /

UK / mʌtʃ /

A1
  • adjecitve
  • Very; to a high level or degree
  • adverb
  • A lot; large amount; a high degree of
  • Nearly; basically
  • On many occasions; often
  • noun
  • A large amount; a great quantity

depend

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US / dɪˈpend /

UK / dɪˈpend /

B1
  • verb
  • Be controlled or determined by (someone/something)

able

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US / 'eɪbl /

UK / ˈebəl /

A2
  • adjecitve
  • Skilled; good at something
  • Having the ability to do something

term

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US / tɜ:m /

UK / tɚm /

A1
  • noun
  • Conditions applying to an agreement, contract
  • Length of time something is expected to happen
  • Fixed period of weeks for learning at school
  • The (precise) name given to something
  • verb
  • To call; give a name to

below

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US / bɪ'ləʊ /

UK / bɪˈlo /

A1
  • preposition
  • In a lower position, place, or level

demand

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US / dɪ'mɑ:nd /

UK / dɪˈmænd /

A2
  • noun
  • Desire customers have to buy product, service
  • A strong request for someone to do something
  • verb
  • To strongly request someone to do something

order

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US / 'ɔ:də(r) /

UK / ˈɔrdɚ /

A1
  • noun
  • Religious or social group, as of nuns
  • Instructions to others to do what you want
  • State in which things are neat and organized
  • What you ask to buy, e.g. food in restaurant
  • Social or political control of an area
  • verb
  • To put things in a sequence, e.g. a, b, c
  • To give instructions to others to do what you want
  • To ask for something you want to buy, e.g. a meal

although

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US / ɔ:lˈðəu /

UK / ɔlˈðo /

A1
  • conjunction
  • Despite the fact that; however

less

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US / les /

UK / lɛs /

A1
  • adjecitve
  • Smaller in amount or degree
  • adverb
  • To a smaller degree
  • noun
  • A smaller amount
  • preposition
  • With the subtraction of

entire

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US / ɪn'taɪə(r) /

UK / ɛnˈtaɪr /

A2
  • adjecitve
  • Complete or full; with no part left out; whole

into

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US / 'ɪntə /

UK / ˈɪntu /

A1
  • preposition
  • Moving or going inside something
  • In the same direction as; in the direction of
  • So as to become; taking the state of

one

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US / wʌn /

UK / wʌn /

A1
  • pronoun
  • You; we; people in general; someone
  • The thing or person previously referred to
  • adjecitve
  • Used to refer to people generally
  • Being a strong example of (something mentioned)
  • number
  • Number 1

perfect

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US / 'pɜ:fɪkt /

UK / ˈpɚfɪkt /

A1
  • adjecitve
  • So good it cannot be improved
  • verb
  • To do something so well, it cannot be done better

than

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US / ðən /

UK / ðən /

A1
  • conjunction
  • Used to compare two things that are not equal

maximize

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US / ˈmæksɪmaɪz /

UK / ˈmæksəˌmaɪz /

B1
  • verb
  • To make as large or great as possible

little

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US / 'lɪtl /

UK / ˈlɪtl /

A1
  • adjecitve
  • Being short in length of time
  • Not great in size, amount, or degree; small
  • Being very young or younger than others
  • adverb
  • By an amount or degree that is not very much
  • Not often; rarely
  • noun
  • A person's name

let

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US / let /

UK / lɛt /

A1
  • verb
  • To allow someone to do something
  • Introducing a suggestion to do something together
  • To rent a house, etc. to others

the

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US / ðə /

UK / ðə /

A1
  • article
  • Used to refer to something already mentioned
  • Used to show there is only one of something
  • determiner
  • Used to describe all of a family

this

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US / ðɪs /

UK / ðɪs /

A1
  • adjecitve
  • Used to indicate something already been discussed
  • Used to indicate something happening around now
  • adverb
  • An indication by a physical motion or gesture
  • A specific amount of
  • determiner
  • Person, thing, or idea near you
  • pronoun
  • Person, thing that has already been discussed

shortly

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US / ˈʃɔ:tli /

UK / ˈʃɔrtli /

B1
  • adverb
  • Quickly; soon; in a moment
  • In an unfriendly or rude way

also

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US / 'ɔ:lsəʊ /

UK / ˈɔlso /

A1
  • adverb
  • In addition; too; in a similar way

how

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US / haʊ /

UK / haʊ /

A1
  • adjecitve
  • To what degree? in what amount?
  • adverb
  • (Used to explain the way to do something)
  • exclamation
  • For what purpose or reason?
  • (Used to ask someone or something's condition)

year

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US / jə: /

UK / jɪr /

A1
  • noun
  • Unit of time equal to 12 months or 365 or 366 days
  • Used to refer to the age of a person

you

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US / jʊ /

UK / ju /

A1
  • pronoun
  • Person someone is speaking or writing to
  • Person or people in general

price

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US / praɪs /

UK / praɪs /

A1
  • noun
  • Person's name
  • Cost of something in money
  • verb
  • To determine or set the cost of something

bit

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US / bɪt /

UK / bɪt /

A1
  • noun
  • Device put in a horse's mouth to control it
  • Small piece of something
  • verb
  • (E.g. of fish) to take bait and be caught

monopoly

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US / mə'nɒpəlɪ /

UK / məˈnɑpəli /

C2
  • noun
  • Complete market control for a service or product

look

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US / lʊk /

UK / lʊk /

A1
  • noun
  • Person's beauty or physical attractiveness
  • Particular style of dress, clothes, or appearance
  • The way someone, something appears to be
  • Act of searching for or examining something
  • verb
  • To appear to be; seem

take

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US / teɪk /

UK / tek /

A1
  • noun
  • Filming of a single scene for TV or the movies
  • verb
  • To accept something that is offered
  • To use a method of traveling, e.g. a bus or train
  • To use a camera to make (a photo)
  • To pick up something and go away with it
  • To study a subject in school
  • To attempt to pass (an exam)
  • To require a certain amount of time, money, space

slight

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US / slaɪt /

UK / slaɪt /

B1
  • adjecitve
  • Small (amount, quality)
  • Appearing thin, delicate and physically weak
  • noun
  • Rude and disrepectful treatment
  • verb
  • To ignore or treat rudely and with no respect

society

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US / sə'saɪətɪ /

UK / səˈsaɪɪti /

A2
  • noun
  • A group who meet to share values or interests
  • Group of people living together
  • Upper class of a community

between

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US / bɪˈtwi:n /

UK / bɪˈtwin /

A1
  • preposition
  • From one person, thing, or place, to another
  • In the space that separates two objects
  • Among two or more people who share something

dollar

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US / ˈdɒlə(r) /

UK / ˈdɑ:lə(r) /

A1
  • noun
  • A basic unit of money equal to 100 cent

curve

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US / kə:v /

UK / kɚv /

A2
  • noun
  • Smooth rounded line that is not straight
  • verb
  • To make something bend into a rounded shape

optimal

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US / ˈɒptɪməl /

UK / ˈɑptəməl /

B2
  • adjecitve
  • Best or most desirable; best possible

they

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US / ðeɪ /

UK / ðe /

A1
  • pronoun
  • Two or more people, animals, or things

very

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US / 'verɪ /

UK / ˈvɛri /

A1
  • adjecitve
  • Concerning a large degree or amount
  • adverb
  • A lot; much; many
  • Used to stress or emphasize a noun

change

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US / tʃeɪndʒ /

UK / tʃendʒ /

A1
  • noun
  • Exchange of one set of clothes for another
  • Money in the form of coins instead of paper
  • Money returned after giving too much
  • Act of making or becoming something else
  • verb
  • To exchange one set of clothes for another
  • To exchange one kind of money for another
  • To replace something with another thing
  • To make or become something else
  • To go from one train, bus, etc. and go to another

all

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US / ɔ:l /

UK / ɔl /

A1
  • adverb
  • Completely; totally
  • determiner
  • Being every one of something
  • pronoun
  • 100% of something; the complete amount

produce

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US / prə'dju:s /

UK / prəˈdus, -ˈdjus, pro- /

A1
  • noun
  • Fresh foods such as fruits and vegetables
  • verb
  • To grow something naturally
  • To make something appear
  • To manufacture something using machines
  • To control the making a movie or television show

prove

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US / pru:v /

UK / pruv /

A2
  • verb
  • To demonstrate truth by providing evidence

figure

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US / ˈfiɡə /

UK / ˈfɪɡjɚ /

A1
  • noun
  • Your body shape
  • Numbers in a calculation
  • Doll-like thing meant to represent a person
  • Picture or diagram giving information in a text
  • Person who is very important or famous
  • Shape of a person seen indistinctly or in outline
  • Amount that is expressed in numbers
  • verb
  • To appear in a game, play or event
  • To calculate how much something will cost
  • To understand after thinking; work out

way

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US / weɪ /

UK / we /

A1
  • adverb
  • Used to emphasize the amount of something
  • noun
  • Particular aspect of something being thought about
  • One of various choices that could be made
  • Particular existing condition or state
  • (Often long) distance or length of time
  • How something is done
  • Route to go to a place
  • Small street
  • Usual behavior, emotions or habits of someone

pretty

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US / 'prɪtɪ /

UK / ˈprɪti /

A1
  • adjecitve
  • Being attractive to the eye in a simple way
  • adverb
  • Very; to a great degree

actually

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US / ˈæktʃuəli /

UK / ˈæktʃuəli /

A1
  • adverb
  • Used to add new (often different) information

realize

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US / 'ri:əlaɪz /

UK / ˈriəˌlaɪz /

A1
  • verb
  • To become aware of or understand mentally

sell

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US / sel /

UK / sɛl /

A1
  • verb
  • To exchange something for money
  • To persuade people to do, like or agree

imagine

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US / ɪ'mædʒɪn /

UK / ɪˈmædʒɪn /

A1
  • verb
  • To think creatively about; form mental picture of

obviously

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US / ˈɒbviəsli /

UK / ˈɑːbviəsli /

A2
  • adverb
  • In a way that is obvious/easy to see or understand

quantity

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US / ˈkwɒntəti /

UK / ˈkwɑntɪti /

A2
  • noun
  • A large amount of something
  • Amount or number of something

should

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US / ʃʊd /

UK / ʃʊd /

A1
  • other
  • Used to indicate what is proper or reasonable

equilibrium

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US / ˌi:kwɪˈlɪbriəm /

UK / ˌikwəˈlɪbriəm, ˌɛkwə- /

C2
  • noun
  • A state of balance or harmony
  • Calm, quiet, undisturbed emotional state

true

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US / tru: /

UK / tru: /

A1
  • adjecitve
  • Agreeing with the facts; not false; real or actual

area

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US / 'eərɪə /

UK / ˈɛriə /

A1
  • noun
  • Amount of measured space
  • A specific section or space; part of a region
  • A subject or field of study

intersect

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US / ˌɪntə'sekt /

UK / ˌɪntɚˈsɛkt /

B2
  • verb
  • To divide something by crossing it

market

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US / ˈmɑ:kɪt /

UK / ˈmɑ:rkɪt /

A1
  • noun
  • Need or demand for a particular product or service
  • Area or region where a certain product is sold
  • Public event where people sell goods on tables
  • Institution where stocks are bought and sold
  • verb
  • To publicize products to get you to buy; advertise

here

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US / hɪə(r) /

UK / hɪr /

A1
  • adverb
  • In this place; at this location, position or time

lose

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US / lu:z /

UK / luz /

A1
  • verb
  • To be unable to keep in check or control something
  • To decrease in value or quantity (e.g. weight)
  • To stop having certain qualities or abilities
  • To stop having or being entitled to
  • To fail to win something that is being contested
  • To be unable to find something you once had
  • To be dependent on someone (used with 'not')

try

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US / traɪ /

UK / traɪ /

A1
  • noun
  • Act of putting the ball over the rugby goal line
  • verb
  • To make an effort, to attempt to do something
  • To examine someone or something in a court of law
  • To test to see if it is good or you like it
  • To make a person go through hardship; test
  • To examine something to see if it works

supply

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US / sə'plaɪ /

UK / səˈplaɪ /

A2
  • noun
  • Availability of products and services for use
  • Specific things needed to perform a certain task
  • verb
  • To give or sell goods to others for their use

point

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US / pɔɪnt /

UK / pɔɪnt /

A1
  • noun
  • An item to be discussed
  • Small spot or dot
  • Fact or detail
  • Feature of something
  • The size of the text on a page or screen
  • A certain time or stage in a process
  • Certain position in time or space
  • Idea or fact you try to convince people about
  • Measurement of scores in a game, sport
  • Sharp end of something, e.g. a pen or pin
  • verb
  • To face a certain direction, e.g. north
  • To indicate something with your finger to others

revenue

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US / 'revənju: /

UK / ˈrevənju /

A2
  • noun
  • Money that is made by or paid to a business
  • Money a government collects from its people

guess

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US / ɡes /

UK / ɡɛs /

A1
  • noun
  • Answer given when you don't know if it is correct
  • verb
  • To give an answer without knowing if it is correct

many

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US / 'menɪ /

UK / ˈmɛni /

A1
  • determiner
  • Used to refer a large number of things

will

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US / wɪl /

UK / wɪl /

A1
  • noun
  • Desire or choice of someone
  • Document saying who gets your money when you die
  • Strong desire to do something; determination
  • Desire to do something; strong wish to do
  • other
  • Used with verbs to express the future
  • verb
  • To leave property to someone after your death
  • To use mental effort to make something happen
  • Am (is, are) likely to do
  • To influence someone to do something
  • To make something happen by strongly wanting it

protect

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US / prə'tekt /

UK / prəˈtɛkt /

A1
  • verb
  • To defend someone or something from harm or danger

unit

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US / ˈju:nɪt /

UK / ˈjunɪt /

B2
  • noun
  • One apartment in a building
  • Group of people, e.g. soldiers, that work together
  • A chapter of a textbook
  • A standard of measurement of something
  • Single item made by a company

exist

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US / ɪɡ'zɪst /

UK / ɪɡˈzɪst /

A1
  • verb
  • To be present, alive or real

loss

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US / lɒs /

UK / lɔ:s /

A2
  • noun
  • Friend, family, or other loved person's death
  • Decrease or decline in quantity or amount
  • Experience or state of failing to have or keep
  • A situation when you lose a game
  • Process of failing to have or keep something
  • Difficulty or trouble caused by someone's leaving
  • Situation when more money is spent than is earned

remember

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US / rɪ'membə(r) /

UK / rɪˈmɛmbɚ /

A1
  • verb
  • To give someone a gift, e.g. birthday, wedding
  • To hold a thought in your mind to not forget it
  • To bring a previous image or idea to your mind

economic

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US / ˌi:kəˈnɒmɪk /

UK / ˌɛkəˈnɑmɪk, ˌikə- /

A2
  • adjecitve
  • Concerning trade, industry, and money

next

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US / nekst /

UK / nɛkst /

A1
  • adverb
  • The one that follows another in time or order
  • At a time or place directly after the present one
  • noun
  • The one that follows after
  • adjecitve
  • Immediately after the previous one
  • First occurrence after the present one

competition

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US / ˌkɒmpəˈtɪʃn /

UK / ˌkɑmpɪˈtɪʃən /

A2
  • noun
  • Fighting against others to win something

could

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US / kəd /

UK / kʊd /

A1
  • other
  • Past form of 'can' to mean have ability
  • Used to ask for something politely, or to offer

slightly

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US / ˈslaɪtli /

UK / ˈslaɪtli /

B1
  • adverb
  • Only a little

willing

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US / 'wɪlɪŋ /

UK / ˈwɪlɪŋ /

A2
  • adjecitve
  • Act of making a choice
  • verb
  • To leave property to someone after your death
  • To use mental effort to make something happen
  • To influence someone to do something
  • To make something happen by strongly wanting it

draw

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US / drɔ: /

UK / drɔ /

A1
  • noun
  • Something that attracts people to visit a place
  • A lottery or prize
  • Result of a game, contest where the score is equal
  • verb
  • To attract attention to someone or something
  • To get closer to or approach something or someone
  • To influence a person's involvement in something
  • To move an object by pulling
  • To create an image using pen or pencil and paper
  • To take one thing out of a container, etc.
  • (Of 2 teams) to finish a game with the same score

increase

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US / ɪn'kri:s /

UK / ɪnˈkris /

A1
  • noun
  • Fact of increasing; amount something grows by
  • verb
  • To make or become larger in size or amount

pure

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US / pjʊə(r) /

UK / pjʊr /

A2
  • adjecitve
  • Not mixed with anything else
  • Being morally good

before

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US / bɪˈfɔ:(r) /

UK / bɪˈfɔr,-ˈfor /

A1
  • adverb
  • At a time earlier than the present; previously
  • conjunction
  • In advance of something happening
  • preposition
  • In front of someone or something

have

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US / həv /

UK / hæv /

A1
  • verb
  • To drink, smoke, eat or use something
  • To experience the effects of something
  • To organize an event, or join in an activity
  • To own, possess, or hold something
  • To cause to happen or produce a particular effect

extra

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US / 'ekstrə /

UK / 'ekstrə /

A2
  • adjecitve
  • More than necessary; additional
  • noun
  • Items more than you need; additional items
  • Person who has a small part in a movie
  • Special version of a newspaper

last

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US / lɑ:st /

UK / læst /

A1
  • adjecitve
  • Most recent; the latest
  • The one before
  • adverb
  • Final; with nothing following; after all others
  • Most recent; the latest
  • determiner
  • The one at the end
  • verb
  • To remain or continue for a certain period of time

competitor

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US / kəmˈpetɪtə(r) /

UK / kəmˈpɛtɪtɚ /

B1
  • noun
  • Someone taking part in race, business, etc.

with

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US / wɪð /

UK / wɪð, wɪθ /

A1
  • preposition
  • As an employee of a certain company
  • Against something or someone
  • By using something as a means
  • Due to; because of
  • Including
  • Possessing as a feature
  • Related to
  • (Of the manner/attitude by which you do something)
  • Used to express that people or things are together

see

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US / si: /

UK / si /

A1
  • verb
  • To go on a date with someone
  • To predict whether something is, or will be true
  • To understand what someone says
  • To use your eyes to look at something
  • To visit a place often for sightseeing or pleasure
  • To visit or meet with someone
  • To find out by waiting or looking
  • To watch (a game, movie or TV show)

total

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US / ˈtəʊtl /

UK / ˈtoʊtl /

A1
  • adjecitve
  • Complete
  • noun
  • Whole number or amount of something
  • verb
  • To damage a car beyond repair

each

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US / i:tʃ /

UK / itʃ /

A1
  • determiner
  • Every one of two or more things
  • pronoun
  • Per one person or thing

decrease

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US / dɪˈkri:s /

UK / dɪˈkris /

B1
  • noun
  • Amount by which something has been reduced
  • verb
  • To reduce the size, amount or number of something

example

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US / ɪgˈzɑ:mpl /

UK / ɪɡˈzæmpəl /

A1
  • noun
  • Thing, person which represents a category

twice

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US / twaɪs /

UK / twaɪs /

A1
  • adverb
  • Two times

about

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US / ə'baʊt /

UK / əˈbaʊt /

A1
  • adverb
  • To be ready to; going to
  • Nearly; approximately; roughly
  • Near; next to; close to
  • In every direction; in the area of
  • preposition
  • Concerning or of (a topic)

different

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US / ˈdɪfrənt /

UK / ˈdɪfrənt /

A1
  • adjecitve
  • Not of the same kind; unlike other things

like

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US / laɪk /

UK / laɪk /

A1
  • adjecitve
  • Being equal in status or kind to something else
  • Similar; the same
  • adverb
  • For example
  • preposition
  • Used as a filler; used to ad emphasis
  • In a way similar to the way something is done
  • Such as; for example
  • verb
  • To want to
  • To find something pleasing; to prefer something

optional

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US / ˈɒpʃənl /

UK / ˈɑpʃənəl /

A2
  • adjecitve
  • Being possible or available, but not required

that

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US / ðæt /

UK / ðæt, ðət /

A1
  • adjecitve
  • The person or thing being talked about
  • Used to identify something both the speakers know
  • adverb
  • Used to reinforce adjectives and adverbs
  • To such a degree
  • conjunction
  • Used to connect a noun clause
  • Used to introduce an adverbial clause
  • Used to introduce a noun clause
  • determiner
  • Used as a noun to refer to something
  • pronoun
  • Referring an object far away
  • Used to refer to the relative pronoun ‘which’

steep

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US / sti:p /

UK / stip /

B1
  • adjecitve
  • Very expensive
  • Rising or falling very sharply, as a cliff or hill
  • Involving a quick increase or decrease
  • verb
  • To fill with a certain quality, e.g. history
  • To put a thing in a liquid for some time

what

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US / wɒt /

UK / hwɑt, hwʌt, wɔt, wʌt,hwət, wət /

A1
  • pronoun
  • Thing or things that; the same kind as
  • Used to emphasize something you are about to say
  • adjecitve
  • Used to refer to a particular amount, or number
  • Used to place emphasis on a particular quality
  • adverb
  • To a certain degree
  • determiner
  • Question words used for asking for information
  • exclamation
  • Used to express excitement, shock, or surprise
  • Used to ask people to repeat something they said

essentially

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US / ɪˈsenʃəli /

UK / ɪˈsenʃəli /

A2
  • adverb
  • Basically; (said when stating the basic facts)

least

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US / li:st /

UK / list /

A1
  • adverb
  • In the smallest or lowest way
  • noun
  • Something that is of the lowest or smallest degree

right

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US / raɪt /

UK / raɪt /

A1
  • adjecitve
  • Correct or true
  • The south side of you looking at the rising sun
  • adverb
  • Exactly in a place or time
  • Being appropriate for a particular event
  • In a straight or direct manner
  • noun
  • Something you are legally or morally allowed to do
  • Ideal of what is just and good
  • Political view based on conservatism
  • verb
  • To fix something previously wrong or unjust
  • To make upright, as a boat that has turned over

value

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US / 'vælju: /

UK / ˈvælju /

A1
  • noun
  • Importance you attach to something
  • Some information expressed as a number
  • Stated price of something; worth
  • verb
  • To place a high importance on something
  • To say how much money something is worth

dead

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US / ded /

UK / dɛd /

A1
  • adjecitve
  • Not alive
  • Being bored or not interested
  • Unable to operate because electricity etc. ran out
  • Being unable to feel, physically or emotionally
  • adverb
  • Completely; absolutely

firm

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US / fɜ:m /

UK / fɚm /

A2
  • adjecitve
  • Fairly hard or solid, not soft
  • Unchanging and strong
  • noun
  • Company that sells goods or services
  • verb
  • To make something become more solid or durable

get

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US / ɡet /

UK / ɡɛt /

A1
  • verb
  • To become affected by illness or disease
  • To begin to feel or understand an emotion or idea
  • To send or bring someone or something home, etc.
  • To go somewhere to obtain something
  • To (cause to) do a particular thing
  • To obtain, receive or be given something
  • To currently have
  • To prepare for use
  • To understand something being said or read

incremental

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US / ˌɪŋkrə'mentl /

UK / ˌɪŋkrə'mentl /

B2
  • adjecitve
  • Happening or growing bit by bit over time

down

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US / daʊn /

UK / daʊn /

A1
  • adjecitve
  • Being sad, sick, or unhappy
  • Not operating, working, or functioning as expected
  • adverb
  • In a sitting or lying position
  • Towards or on the ground, floor, or bottom
  • Written or copied onto a piece of paper or book
  • noun
  • A period of play in American Football
  • The soft, smooth hairs that cover a bird's body
  • preposition
  • Along something's path, course, or direction
  • Going from a higher position to a lower position
  • verb
  • To eat or drink very quickly and without stopping

then

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US / ðen /

UK / ðɛn /

A1
  • adverb
  • A time that is not now
  • Following another thing in time or arrangement
  • Following on reasonably from what was just stated
  • At that time, not now

profit

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US / 'prɒfɪt /

UK / 'prɑ:fɪt /

A2
  • noun
  • Benefit from doing something
  • Money earned from sales, after costs are deducted
  • verb
  • To be a benefit to someone
  • To earn money from something

interesting

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US / ˈɪntrəstɪŋ /

UK / ˈɪntrɪstɪŋ, -tərɪstɪŋ, -təˌrɛstɪŋ /

A1
  • adjecitve
  • Taking your attention; making you want to know
  • verb
  • To make someone want to know about something
  • To persuade to do, become involved with something

tell

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US / tel /

UK / tɛl /

A1
  • verb
  • To (strongly) advise a person to do something
  • To be able to guess
  • To say or communicate information to someone
  • To inform, but without speaking; indicate
  • To have a negative effect on someone
  • To order someone to do something; command
  • To recognize something based on certain signs
  • To report something to an authority
  • To explain something or teach someone something
  • Subtitles section
  • Based on what we've done in the last 2 videos we've been able to figure out what the marginal revenue curve looks like for the monopolist year, for the monopolist in the orange market and this is what we got.
  • Right over here, it was a line with a slope twice as steep as the slope of the demand curve, we'll see that's actually generalizable.
  • There's an optional video that I'll do very shortly where I prove it with a little bit of calculus.
  • It's very important to realize that this marginal revenue curve looks very different than the marginal revenue curve if we were dealing with perfect competition.
  • If we were dealing with perfect competition there would be some equilibrium price in the market and all of the competitors would essentially just have to take that price.
  • Let's say that that equilibrium price was $3 per pound then our marginal revenue curve would look like this if we were not a monopolist, if we were one of the many perfect competitors.
  • I guess you could view it that way.
  • Because we would just have to take that price.
  • If we wanted to sell 1000 pounds, each of those pounds we would get $3 per pound and then if we want to sell 1001, we'll just get $3 per pound for the next one.
  • It doesn't change.
  • We're just taking that price.
  • With the monopolist things do change because we are the only producer in the market.
  • The price at which we can get changes depending on what we produce because we are the entire supply for the market and we have this downward sloping marginal revenue curve.
  • Now, with that out of the way, let's think about what will be the optimal quantity for us to produce if we wanted to maximize profit?
  • If we think in pure economic terms, that's what firms try to do.
  • They exist to maximise profit.
  • To do that, we're going to have to think about, and remember, it's not to maximize revenue.
  • To maximize revenue we would have said, "Oh, they should just produce 3000 pounds." It's not about maximizing revenue, it's about maximizing profit.
  • We have to take the cost into consideration.
  • To do that, we'll have to draw a marginal cost curve.
  • Let's say I did the research.
  • Let's say we're the owners of this firm and we have a marginal cost curve that looks something like this.
  • Let's say our marginal cost curve looks like this.
  • It's important to realize, we are the market.
  • We are the only producers here.
  • This isn't just our marginal cost curve.
  • This is a marginal cost curve for the market.
  • Another way to think about it, this is the supply curve for the market.
  • It tells you at any given price how much the market is willing to supply.
  • You could view it as a marginal cost or you could view it as a supply curve and we've talked about it before.
  • You could view a supply curve as a marginal cost curve.
  • If you want the market to produce 1 extra pound, what's the minimum price you would have to give?
  • that is the marginal cost.
  • Now, with this out of the way, let's think about what you would produce.
  • Well, you would definitely want to produce something you definitely start to produce a few pounds right over here because the marginal revenue you're getting is way above your marginal cost.
  • Each incremental pound you're producing right over here, you're getting much more revenue, you're getting $5 or $6 of revenue and it's only costing you a little over a dollar.
  • It's like, "Okay, I'm going to keep producing.
  • "I'm going to keep producing." Over here, you're still, each incremental unit you're getting, you're still getting more revenue than the cost of that incremental unit.
  • That keeps being true all the way until you get to 2000 pounds right over here.
  • At this point right over here you don't want to produce an incremental unit because if you produce one more unit, if you produce that 2001st pound right over here then for that 2001st pound, your cost is going to be slightly higher than the revenue you get in.
  • You will actually take a slight loss on that.
  • Your total profit will start to go down and you don't want to produce less than this because you'll be leaving a little money on the table.
  • You'll be leaving that little incremental pound where the total revenue was just slightly higher, or the marginal revenue on that incremental pound was just slightly higher than your marginal cost on that incremental pound.
  • You will produce right over there.
  • Now, this is interesting because this is a different equilibrium, or I guess we say this is a different price or this is a different price and quantity than we would get if we were dealing with perfect competition.
  • If we were dealing with perfect competition, our equilibrium price and quantity would be where our supply and demand curves intersect.
  • It would be right over here.
  • It would be a price of $3 per pound and a quantity of 3000 pounds.
  • Now, in order to maximize profit, we are intersecting between the marginal revenue curve or our quantity that we want to produce as the monopolist is the intersection between our marginal revenue curve and our marginal cost curve which is right over here.
  • So we can see that there is a dead weight loss.
  • There is a dead weight loss by being a monopoly although it's good for us.
  • It's good for the monopolist, it's not good for a society at least in this example and there's very few where I can imagine it being good but I guess there are a few if you're trying to protect the national industry or something like that.
  • Over here, this is the quantity that we are deciding to produce.
  • The consumer surplus is the area above the price and below the demand curve.
  • This right over here is the consumer surplus.
  • The producer surplus is looking pretty good and this is essentially what we're trying to optimize.
  • Our producer surplus is this whole area.
  • Our producer surplus is this whole area right over here.
  • Producer surplus right over there.
  • But we have a dead weight cost.
  • There's a total surplus that we would have gotten, that society would have gotten if we were dealing with perfect competition, right over here that's now being lost.
  • But as we lose that, we were able to increase the producer surplus and decrease the consumer surplus.
  • Beyond just having this dead weight loss over here, it's also obviously given much more value to the producer, to the monopolist and given much less value to the consumer.