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Lecture Economics (6/e): Chapter 23 - Stephen L. Slavin

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? | Chapter 23 Monopoly 23-1 Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. 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? 23-2 Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. 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 23-3 Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. The Graph of the Monopolist Monopoly is the first of three types of imperfect competition The other two are monopolistic competition and oligopoly The distinguishing characteristic of imperfect competition is that the firm’s demand curve slopes downward to the right This means the imperfect competitor has to lower price to sell more 23-4 Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. The Graph of the Monopolist The imperfect competitor has to lower price to sell more 23-5 Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. D Q2 Q1 P2 P1 23-6 Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. Hypothetical Demand & Cost Schedule for a Monopoly Output Price TR MR TC ATC MC 1 $16 2 15 3 14 4 13 5 12 6 11 7 10 23-7 Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. Hypothetical Demand & Cost Schedule for a Monopoly Output Price TR MR TC ATC MC 1 $16 $16 2 15 30 3 14 42 4 13 52 5 12 60 6 11 66 7 10 70 23-8 Copyright 2002 by The McGraw-Hill Companies, Inc. All rights . | Chapter 23 Monopoly 23-1 Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. 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? 23-2 Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. 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 23-3 Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. The Graph of the Monopolist Monopoly is the first of three types .