ECON 2N03 Lecture Notes - Sherman Antitrust Act, Price Discrimination, Oligopoly

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31 Jan 2013
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Introduction
The Sherman Act of 1890
Merger Guidelines, 1968,1982,1984,1992,1997
Monopoly
1) Discuss, with the aid of a diagram, how, monopoly outcome is socially less
efficient that that of the competitive outcome. (10 mins, 10 marks)
2) Why, how and under what conditions would a monopoly seller price
discriminate? Describe three types of price discrimination. (10 mins, 10 marks)
3) Briefly discuss four ways in which monopolies may arise. (5 mins, 5 marks)
Horizontal Merger Guidelines
4) How relevant market is determined in merger analysis? Discuss with illustration.
What is entry and how can ‘entry’ change the relevant market? (10 mins, 10 marks)
5) How does HHI works to assess seller concentration? (5 mins, 5 marks)
6) Describe and differentiate the theories of adverse effects of mergers. For which
theory, market definition is redundant and why? Draw diagram (10 mins, 10 marks)
7) How can oligopoly market charecteristics and efficiency argument may justify a
merger even in the face of possible social loss? Use diagram. State on loophole in
this line of argument. ( 10 mins 10 marks)
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