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Economics (924)
ECN 104 (388)

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ECN 104
Else Grech

CHAPTER 15 MONOPOLY 313 Learning Objectives 313 Why MonopoliesArise 314 Monopoly Resources 315 Government-Created Monopolies 315 Natural Monopolies 316 How Monopolies Make Production and Pricing Decisions 317 Monopoly versus Competition 317 AMonopoly’s Revenue 318 Profit Maximization 321 FYI: Why a Monopoly Does Not Have a Supply Curve 322 AMonopoly’s Profit 323 CASE STUDY: Monopoly Drugs versus Generic Drugs 324 The Welfare Cost of Monopoly 325 The Deadweight Loss 325 The Monopoly’s Profit: A Social Cost? 327 LEAVE OUT Price Discrimination 328 AParable about Pricing 329 The Moral of the Story 330 The Analytics of Price Discrimination 330 Examples of Price Discrimination 333 Public Policy toward Monopolies 334 Increasing Competition with Competition Law 334 Regulation 335 Public Ownership 336 Doing Nothing 337 Conclusion: The Prevalence of Monopoly 337 IN THE NEWS: Price Discrimination: Opportunities for Arbitrage 338 Summary 339 Key Concepts 340 Questions for Review 340 Problems andApplications 341 Chapter 15 PPT DO 1-19 LEAVE OUT 20-28 29-32 Conclusions and Chapter Summary ECON100 Chapter 13 Monopoly Level 1 Leave Out 5, 9 Level 2 Leave Out 5, 7, 9, and 10 Level 3 Leave Out 6 to 10 Level 4 Leave Out 6 and 8 to 10 CHAPTER 16 MONOPOLISTIC COMPETITION 345 Learning Objectives 345 Between Monopoly and Perfect Competition 346 Competition with Differentiated Products 348 The Monopolistically Competitive Firm in the Short Run 348 The Long-Run Equilibrium 348 Monopolistic versus Perfect Competition 350 Monopolistic Competition and the Welfare of Society 352 LEAVE OUT Advertising 353 The Debate over Advertising
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