This document summarizes key points from Robert P. Murphy's lecture on the second half of Chapter 10 of Man, Economy, and State. It discusses several topics: 1. The illusion of monopoly price and definitions of monopoly. It argues that a true monopoly price requires initial competitive pricing on the inelastic portion of demand. 2. Unions and their impact on restrictive wages. It questions whether unions can be considered voluntary. 3. Monopolistic competition and how arguments for it flip standard economic theories. It also discusses jagged cost curves in this context. 4. A comparison of patents versus copyrights and their impacts on the market.