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Ebook Principles of micro - Economics (6th edition): Part 2

(BQ) Part 2 book "Principles of micro - Economics" has contents: Monopoly, oligopoly, and monopolistic competition; games and strategic behavior, externalities and property rights, externalities and property rights, labor markets, poverty, and income distribution, the environment, health, and safety, public goods and tax policy. | www.downloadslide.com www.downloadslide.com C HA PTER 8 Monopoly, Oligopoly, and Monopolistic Competition LEARNING OBJECTIVES After reading this chapter, you should be able to: Mo Peerbacus/Alamy LO1 Distinguish among three types of imperfectly competitive industries (monopoly, oligopoly, and monopolistic competition) and describe how imperfect competition differs from perfect competition. MONOPOLY SELLERS ALMOST ALWAYS OFFER DISCOUNT PRICES TO BUYERS WHO ARE WILLING TO MAIL IN A REBATE COUPON OR ENDURE SOME OTHER TYPE OF INCONVENIENCE ome years ago, schoolchildren around the country became obsessed with the game of Magic: The Gathering. To play, you need a deck of Magic Cards, available only from the creators of the game. But unlike ordinary playing cards, which can be bought in most stores for only a dollar or two, a deck of Magic Cards sells for upward of $10. And since Magic Cards cost no more to manufacture than ordinary playing cards, their producer earns an enormous economic profit. In a perfectly competitive market, entrepreneurs would see this economic profit as cash on the table. It would entice them to offer Magic Cards at slightly lower prices, so that eventually the cards would sell for roughly their cost of production, just as ordinary playing cards do. But Magic Cards have been on the market for years now, and that hasn’t happened. The reason is that the cards are copyrighted, which means the government has granted the creators of the game an exclusive license to sell them. The holder of a copyright is an example of an imperfectly competitive firm, or price setter—that is, a firm with at least some latitude to set its own price. The competitive firm, by contrast, is a price taker, a firm with no influence over the price of its product. S LO2 Identify the five sources of market power and describe why economies of scale are the most enduring of the various sources of monopoly power. LO3 Apply the concepts of marginal cost and marginal revenue