{
  "id": "monopoly-profit",
  "name": "Monopoly: profit maximisation",
  "unit": "micro",
  "unitName": "Unit 2 · Microeconomics",
  "topic": "Monopoly (HL)",
  "hl": true,
  "description": "A monopolist produces where MC = MR and charges the price on the demand (AR) curve above that output. Barriers to entry let abnormal profit persist in the long run; a monopoly can also make normal profit or a loss.",
  "keywords": [
    "monopoly",
    "abnormal profit",
    "MC = MR",
    "barriers to entry",
    "price maker",
    "loss",
    "cartel",
    "collusive oligopoly"
  ],
  "schemaUrl": "https://graphs.lectere.com/api/v1/templates/monopoly-profit",
  "previewUrl": "https://graphs.lectere.com/thumbs/monopoly-profit.svg",
  "editorUrl": "https://graphs.lectere.com/graph/monopoly-profit/",
  "params": [
    {
      "key": "case",
      "label": "Outcome",
      "default": "profit",
      "type": "enum",
      "options": [
        {
          "value": "profit",
          "label": "Abnormal profit"
        },
        {
          "value": "normal",
          "label": "Normal profit"
        },
        {
          "value": "loss",
          "label": "Loss"
        }
      ]
    },
    {
      "key": "shade",
      "label": "Shade profit / loss",
      "default": true,
      "type": "boolean"
    },
    {
      "key": "avc",
      "label": "Show AVC",
      "default": false,
      "type": "boolean"
    },
    {
      "key": "cartel",
      "label": "Label as a collusive oligopoly (cartel)",
      "default": false,
      "type": "boolean"
    }
  ],
  "defaults": {
    "case": "profit",
    "shade": true,
    "avc": false,
    "cartel": false
  },
  "panels": [
    {
      "id": "main",
      "title": null,
      "xLabel": "Output",
      "yLabel": "Costs, revenue",
      "xRange": [
        0,
        10
      ],
      "yRange": [
        0,
        10
      ],
      "axisKeys": {
        "x": "main:x",
        "y": "main:y"
      }
    }
  ],
  "labels": [
    {
      "key": "main:y",
      "default": "Costs, revenue",
      "hint": "Vertical axis",
      "panel": "main"
    },
    {
      "key": "main:x",
      "default": "Output",
      "hint": "Horizontal axis",
      "panel": "main"
    },
    {
      "key": "main.profit",
      "default": "Abnormal profit",
      "hint": "Shaded area",
      "panel": "main"
    },
    {
      "key": "main.ar",
      "default": "D = AR",
      "hint": "Curve",
      "panel": "main"
    },
    {
      "key": "main.mr",
      "default": "MR",
      "hint": "Curve",
      "panel": "main"
    },
    {
      "key": "main.atc",
      "default": "ATC",
      "hint": "Curve",
      "panel": "main"
    },
    {
      "key": "main.mc",
      "default": "MC",
      "hint": "Curve",
      "panel": "main"
    },
    {
      "key": "main.pm:y",
      "default": "P_m",
      "hint": "Vertical-axis value",
      "panel": "main"
    },
    {
      "key": "main.pm:x",
      "default": "Q_m",
      "hint": "Horizontal-axis value",
      "panel": "main"
    },
    {
      "key": "main.c:y",
      "default": "C",
      "hint": "Vertical-axis value",
      "panel": "main"
    }
  ],
  "elements": [
    {
      "key": "main.profit",
      "kind": "area",
      "label": "Abnormal profit"
    },
    {
      "key": "main.ar",
      "kind": "curve",
      "label": "D = AR"
    },
    {
      "key": "main.mr",
      "kind": "curve",
      "label": "MR"
    },
    {
      "key": "main.atc",
      "kind": "curve",
      "label": "ATC"
    },
    {
      "key": "main.mc",
      "kind": "curve",
      "label": "MC"
    },
    {
      "key": "main.mcmr",
      "kind": "point"
    },
    {
      "key": "main.pm",
      "kind": "point"
    },
    {
      "key": "main.c",
      "kind": "point"
    }
  ],
  "stats": null,
  "example": {
    "template": "monopoly-profit",
    "params": {
      "case": "profit",
      "shade": true,
      "avc": false,
      "cartel": false
    }
  }
}