Microeconomics 10

Market Power: Monopoly and Monopsony

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Karten	9
Sprache	English
Kategorie	VWL
Stufe	Universität
Erstellt / Aktualisiert	25.11.2012 / 13.03.2015
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Monopoly

Tastatur-Befehle:

= drehen,

= vor-/rückwärts,

= scrollen

Market with only one seller

Monopsony

Tastatur-Befehle:

= drehen,

= vor-/rückwärts,

= scrollen

Market with only one buyer.

Market power

Tastatur-Befehle:

= drehen,

= vor-/rückwärts,

= scrollen

Ability of a seller or buyer to affect the price of a good.

marginal revenue

Tastatur-Befehle:

= drehen,

= vor-/rückwärts,

= scrollen

Change in revenue resulting from a one-unit increase in output.

Multiplant firm (2 conditions)

Tastatur-Befehle:

= drehen,

= vor-/rückwärts,

= scrollen

Step 1: Marginal Cost at both plants the same.

Step 2: MR=MC

Lerner index of monopoly power

Tastatur-Befehle:

= drehen,

= vor-/rückwärts,

= scrollen

Measure of monopoly power calculated as excess of price over marginal cost as a

fraction of price.

Determination of a firms elasticity of demand (3 factors)

Tastatur-Befehle:

= drehen,

= vor-/rückwärts,

= scrollen

1. Elasticity of market demand

2. Number of firms in the market

3. Interaction among firms

rent seeking

Tastatur-Befehle:

= drehen,

= vor-/rückwärts,

= scrollen

Spending money in socially unproductive efforts to acquire, maintain, or exercise monopoly.

natural monopoly

Tastatur-Befehle:

= drehen,

= vor-/rückwärts,

= scrollen

Firm that can produce the entire output of the market at a cost lower than what it would be if there were several firms.

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Microeconomics 10

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