曼昆經(jīng)濟(jì)學(xué)原理教案2-全英文chap(文件)
【正文】 power are rare. ?Few goods are truly unique. Harcourt, Inc. items and derived items copyright 169。 2022 by Harcourt, Inc. Summary ?Policymakers can respond to the inefficiencies of monopoly behavior with antitrust laws, regulation of prices, or by turning the monopoly into a governmentrun enterprise. ?If the market failure is deemed small, policymakers may decide to do nothing at all. Harcourt, Inc. items and derived items copyright 169。 2022 by Harcourt, Inc. Quantity of Output Demand (a) A Competitive Firm’s Demand Curve (b) A Monopolist’s Demand Curve 0 Price 0 Quantity of Output Price Demand Demand Curves for Competitive and Monopoly Firms... Demand and Marginal Revenue Curves for a Monopoly... Quantity of Water Price $11 10 9 8 7 6 5 4 3 2 1 0 1 2 3 4 1 2 3 4 5 6 7 8 Marginal revenue Demand (average revenue) Harcourt, Inc. items and derived items copyright 169。 2022 by Harcourt, Inc. The Market for Drugs... Costs and Revenue Price during patent life Price after patent expires Monopoly quantity Competitive quantity 0 Quantity Demand Marginal cost Marginal revenue Harcourt, Inc. items and derived items copyright 169。 2022 by Harcourt, Inc. Welfare Without Price Discrimination... Deadweight loss Consumer surplus Price 0 Quantity Profit Demand Marginal cost Marginal revenue Quantity sold Monopoly price (a) Monopolist with Single Price Harcourt, Inc. items and derived items copyright 169。 2022 by Harcourt, Inc. Harcourt, Inc. items and derived items copyright 169。 2022 by Harcourt, Inc. The Monopolist’s Profit... Quantity 0 Costs and Revenue Demand Marginal cost Marginal revenue QMAX B Monopoly price E Average total cost D Average total cost C Harcourt, Inc. items and derived items copyright 169。 2022 by Harcourt, Inc. Graphical Review Harcourt, Inc. items and derived items copyright 169。 2022 by Harcourt, Inc. Summary ?Like a petitive firm, a monopoly maximizes profit by producing the quantity at which marginal cost and marginal revenue are equal. ?Unlike a petitive firm, its price exceeds its marginal revenue, so its price exceeds marginal cost. Harcourt, Inc. items and derived items copyright 169。 2022 by Harcourt, Inc. Welfare With Price Discrimination... Price 0 Quantity Demand Marginal cost Quantity sold (b) Monopolist with Perfect Price Discrimination Profit Harcourt, Inc. items and derived items copyright 169。 2022 by Harcourt, Inc. Price Discrimination Price discrimination is not possible when a good is sold in a petitive market since there are many firms all selling at the market price. In order to price discriminate, the firm must have some market power. Harcourt, Inc. items and derived items copyright 169。 2022 by Harcourt, Inc. Regulation In practice, regulators will allow monopolists to keep some of the benefits from lower costs in the form of higher profit, a practice that requires some departure from marginalcost pricing. Harcourt, Inc. items and derived items copyright 169。 2022 by Harcourt, Inc. Increasing Competition with Antitrust Laws ? Antitrust laws are a collection of statutes aimed at curbing monopoly power. ? Antitrust laws give government various ways to promote petition. ?They allow government to prevent mergers. ?They allow government to break up panies. ?They prevent panies from performing activities which make markets less petitive. Harcourt, Inc. items and derived items copyright 169。 2022 by Harcou
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