Lecture Economics (6/e): Chapter 23 - Stephen L. Slavin-Kinh Te - Quan Ly

In this chapter, the following content will be discussed: The graph of the monopolist, how monopolist’s profits are calculated, the monopolist in the short run and long run, barriers to entry, limits to monopoly power, economies of scale and natural monopoly, what makes bigness bad? Chapter23MonopolyCopyright2002 by The McGrawHill Companies, Inc.All rights reserved.231ChapterObjectives•Thegraphofthemonopolist•Howmonopolist’sprofitsarecalculated•Themonopolistintheshortrunandlongrun•Barrierstoen

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Tải Lecture Economics (6/e): Chapter 23 - Stephen L. S... (.pdf)

Chapter

23

Monopoly

Copyright

2002 by The McGraw­Hill Companies, Inc.

All rights reserved.

23­1

Chapter

Objectives

•

The

graph

of

the

monopolist

•

How

monopolist’s

profits

are

calculated

•

The

monopolist

in

the

short

run

and

long

run

•

Barriers

to

entry

•

Limits

to

monopoly

power

•

Economies

of

scale

and

natural

monopoly

•

What

makes

bigness

bad?

Copyright

2002 by The McGraw­Hill Companies, Inc.

All rights reserved.

23­2

Monopoly

Defined

•

A

monopoly

is

the

ONLY

firm

in

an

industry

–

No

one

else

sells what

the

monopolist

is producing

–

There

are local

monopolies

•

Some examples are a hardware store, a dry cleaners, and a

drugstore

–

There

are national/regional

monopolies

•

Some examples are diamonds dealers, gas and

electric

companies, and local phone companies

•

A

monopoly

produces

ALL

the

output

in

an

industry

•

There

are

no

close

substitutes

for

the

product

or

service

Copyright

2002 by The McGraw­Hill Companies, Inc.

All rights reserved.

23­3