The image features a research brief announcement from the Federal Reserve Bank of Minneapolis. It says, "Monopoly is as monopoly does. To study monopoly, look to actions, not the textbook definition." The words "NEW RESEARCH BRIEF" are also highlighted.
For 75 years, economics students have learned to graph a monopoly: A single seller with market power. Our economist James Schmitz, Jr. says this "wrong turn" in economics leads us to overlook monopolies all around us--and the extensive costs they impose. https://bit.ly/4sAfon5 #EconSky