PPT-Convert the Multi-Plant Monopoly into an Oligopoly

To maximize profits two conditions must be satisfied when a firm has two plants Marginal costs of each plant must be equal MC A MC B Marginal revenue must equal each plants marginal cost . VI.. ii. Oligopoly. Chapter 15. 0. In this chapter, look for the answers to these questions:. What market structures lie between perfect competition and monopoly, and what are their characteristics? . Professor Nicolas Petit, University of Liege. OECD Roundtable on Oligopoly Markets, 16 June 2015. Goals of the . presentation. Case for more . ex post . enforcement. . against. . tacit. collusion. Monopoly. Opposite of PC. Occurs when output of entire industry is produced and sold by a single firm referred to as . Monopolist. Characteristics of . Pure Monopoly. Single supplier . – . the firm and the industry are the same.. Slide 2 presents a table that can be printed for each student. For best results, use "landscape" page orientation.. Slides 3 through 10 plots and draws marginal revenue, marginal cost, average total cost, and average revenue (demand), respectively.. 0. In this chapter, look for the answers to these questions:. What market structures lie between perfect competition and monopoly, and what are their characteristics? . What outcomes are possible under oligopoly? . Chapter 8. McGraw-Hill/Irwin. Copyright © . 2015 . by . McGraw-Hill Education (Asia). . All rights reserved.. Learning Objectives. Distinguish among three types of imperfectly competitive industries and describe how imperfect competition differs from perfect competition. 11b - Oligopoly. Oligopoly. 1. Characteristics and Examples. 2. Nature of the Demand Curve. 3. Short Run Equilibrium . 4. Long Run Equilibrium and Efficiency. 5. Other Issues. ARE BUSINESSES EFFICIENT?. 13. McGraw-Hill/Irwin. Copyright. . © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.. Monopolistic Competition. Relatively large number of sellers. Small market shares. No collusion. Independent action. 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.. 12.1 Introducing a New Market Structure. 12.2 Sources of Market Power. 12.3 The Monopolist’s Problem. 12.4 Choosing the Optimal Quantity and Price. 12.5 The “Broken” Invisible Hand: . The Cost . 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. 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.. Graph Time . Regular Monopoly . Natural Monopoly. Welfare Effects of Monopoly. Under a perfect competition the market price is the sales price leading to an efficient outcome, both productively and allocatively . 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..