PPT-Chapter 11 Monopoly Objective

How does a monopolist set its price and output What is wrong with monopoly What are some other pricing strategies a monopolist can use Causes of a Monopoly B arriers to entry Technical barriers to entry. And 57375en 57375ere Were None meets the standard for Range of Reading and Level of Text Complexity for grade 8 Its structure pacing and universal appeal make it an appropriate reading choice for reluctant readers 57375e book also o57373ers students 1. . Graphs and Tables Copyright . © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.. Antitrust policy. Main purpose. : prevent monopolization, promote competition, and achieve . allocative. Market Structures. . Section 2: Monopoly. Lesson Objectives:. By the end of this lesson you will be able to:. *Describe characteristics and give examples of a monopoly.. *Describe how monopolies, including government monopolies are formed.. • How Monopolies Form and Survive: Barriers to Entry. • How a Profit-Maximizing Monopoly Chooses Output and Price. • What are the Welfare Effects of a Monopoly. A . pure. monopoly is where . one. 5.3.3. Learning Outcomes. To understand the meaning of the term ‘monopoly’.. To appreciate what is meant by monopoly power and how this can influence a firm’s behaviour.. To understand the main disadvantages and advantages of a firm having monopoly power. . Monopoly and Antitrust Policy. Copyright © 2017 Pearson Education, Inc. All Rights . Reserved. Is Any Firm Ever Really a Monopoly?. We define . monopoly.. Monopoly. is a market structure consisting of a firm that is the only seller of a good or service that does not have a close substitute.. Pure (or Perfect). Competition. Pure Monopoly. Number of Firms. VERY large number of firms. Only ONE firm. The firm IS the industry. Price making abilities of individual firms. Each firm is so small that changes in its own output do not affect market price, i.e. firms are price takers. Monopoly and Antitrust Policy. Copyright © 2017 Pearson Education, Inc. All Rights Reserved. Chapter Outline. 15.1 . Is Any Firm Ever Really a Monopoly?. 15.2 . Where Do Monopolies Come From?. 15.3 . Introduction. In economics, a monopoly is defined as a persistent market situation where there is only one provider of a product or service. Monopolies are characterized by a lack of economic competition for the good or service that they provide and a lack of viable substitute goods.. What is a monopoly?. A monopoly forms when barriers prevent firms from entering a market that . has a single . supplier with close to no substitute goods. .. Monopoly markets only have one seller, whereas, perfectly competitive markets have multiple sellers.. One firm selling good or service with no substitutes. Barriers to entry that prevent competition from new firms. What is a monopoly?. Monopoly in the news. Natural. One firm can meet demand at a lower ATC than two or more firms. DR. MRIGANKA DE SARKAR. ASSOCIATE PROFESSOR OF ECONOMICS. CONTACT: et_mit@yahoo.co.in. Monopoly: Why?. Natural monopoly (increasing returns to scale), e.g. (parts of) utility companies?. Artificial monopoly. Students will be able to identify and/or define the following terms:. Monopoly. Natural Monopoly. Patent. Do . Now. What is a barrier to entry?. Any condition that makes it difficult to enter a market.. What are the four . barriers to entry. .. Why . monopolists. are constrained by demand.. How . monopolists. set price and quantity.. What . social welfare. losses are associated with monopolies.. What the common public policy responses to monopolies are..