A monopoly is like a giant castle with only one king ruling the entire kingdom. Imagine that! Here's what's going on:

• One Big Boss: Just like Google dominates 92.5% of the search engine market, there's only one firm ruling the roost.
• Unique Treasure: The product they're selling is so unique that nobody else has it.
• High Walls and Moats: It's super difficult for other businesses to enter the market, just like a castle with high walls and moats.

Monopoly firms can set the price like a king deciding what to have for dinner. However, they still have to make sure that people will actually buy what they're selling.

Think of it like a food truck selling golden burgers. The truck owner can set the price, but if it's too high, nobody will buy it. If it's too low, the truck may run out of those delicious golden burgers

Monopolies aim to find a sweet spot where their marginal revenue (MR) equals marginal cost (MC). It's like finding the perfect recipe for your favorite dish.

• Output (Qm): The amount of stuff they want to sell.
• Price (Pm): The price people will pay for that amount.
• Profits (CABPm): They make a rectangular-shaped profit. Yummy!

In this magical land, they earn what's known as abnormal or supernormal profits. Imagine making a potion that everybody wants but nobody else can make. 💫