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Ebook Microeconomics (11th edition): Part 2 - Stephen L. Slavin

(BQ) Part 2 book "Microeconomics" has contents: Monopoly, monopolistic competition, oligopoly, corporate mergers and antitrust, demand in the factor market, labor unions, labor markets and wage rates, rent, interest, and profit, income distribution and poverty, international trade, international finance,.and other contents. | Chapter 10 Monopoly W e’ve talked enough about perfect competition, an ideal state that probably does not exist. Welcome to the real world of imperfect competition. We’ll begin here with monopoly and then go on to monopolistic competition and oligopoly in the next two chapters. When we’ve completed our analysis of these competitive states, you will probably conclude what I concluded a long time ago: that nobody’s perfect. When you were a kid, did you ever play the game of Monopoly? The whole idea was to control strips of properties, such as Boardwalk and Park Place. Some people get to play Monopoly even after they’ve grown up—and they get to keep all the money. In this and the next three chapters, we’ll see how this game is played by the big kids. LEARNING OBJECTIVES After reading this chapter you should be able to: 1. Analyze and discuss the graph of the monopolist. 2. Calculate the profit or loss of the monopolist. 3. Differentiate between the short run and the long run for the monopolist. 4. List and discuss the barriers to entry into a monopolized industry. 5. List and discuss the limits to monopoly power. 6. Explain how economies of scale and natural monopoly affect control of an industry. 7. Identify and discuss the factors that make bigness bad. 8. List the pros and cons of allowing a Walmart supercenter to open in your community. PowerPoint Presentations, Chapter Quizzes, and 4-Color Graphs are available at www.mhhe. com/slavin11e, or scan here. Need a barcode reader? Try ScanLife, available in your app store. Monopoly Defined A monopoly is the only firm in an industry. There’s nobody else selling anything like what the monopolist is producing. In other words, there are no close substitutes. Examples of monopoly include DeBeers diamonds, the local gas and electric companies, and your local phone company. During the years after World War II, IBM, Xerox, the International Nickel Company, and Alcoa (Aluminum Company of America) also had monopolies. One .