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单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,Chapter 9,Monopoly and Monopsony,1,Key Concepts,monopoly,price maker,Barriers to entry,deadweight loss,natural monopoly,patent,monopsony,Price discrimination,bilateral monopoly,antitrust law,2,Overview,一,.,Definition and features of monopoly,二,.Barriers to entry,三,.Profit Maximization,四,.Social Costs of Monopoly,五,.Social Benefits From Monopoly,六,.Monopoly Regulation,七,. Antitrust Policy,3,Learning objectives,Why some markets have only one seller.,How a monopoly determines the quantity to produce and the price to charge.,How the monopoly,s decisions affect economic well-being.,The various public policies aimed at solving the problem of monopoly.,Why monopolies try to charge different prices to different customers.,4,一,. Definition and Features of monopoly,Definition,monopoly exists when a single firm is the sole producer of a product for which there are no close substitutes.,5,Features of monopoly,Sole seller,Unique product,Imperfect information,LR economic profits,Blocked entry,6,Why monopolies arise?,barriers to entry,No!,Stop!,7,二,.Entry barriers,Control of inputs,Patents,license,Economies of scale,8,Control of inputs,De Beers,Diamonds are forever,9,Economies of scale,natural monopoly:,when a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms.,10,Figure Economies of Scale as a Cause of Monopoly,Quantity of Output,Average,total,cost,0,Cost,11,Patents,or,license,Governments may restrict entry by giving a single firm the exclusive right to sell a particular good in certain markets.,12,“,Can you imagine putting contact lenses on one million chickens and checking them every week to see if theyre still there?”,contact lenses,A safety coffin,13,三,.Profit Maximization in Monopoly Markets,To review Perfect competition,14,Figure Demand Curves for Competitive and Monopoly Firms,Quantity of Output,Demand,(a) A Competitive Firm,s Demand Curve,(b) A Monopolist,s Demand Curve,0,Price,Quantity of Output,0,Price,Demand,15,P,Q,TR,AR,MR,6,0,0,5,1,5,5,5,4,2,8,4,3,3,3,9,3,1,2,4,8,2,-1,1,5,5,1,-3,To fill in the blanks;,to draw demand, MR, AR and TR curve,16,Steps,to determine profit-maximizing output, price, and economic profit,Step 1. MR=MC optimal Q*,Step 2. vertical line to the demand curve, optimal P*,Step 3. Economic profit,Method 1: (P- ATC) Q*,Method 2: P*Q*ATCQ*,17,18,四,.,Social Costs of Monopoly,Monopoly Underproduction,too little output.,too high prices,Deadweight Loss,a loss in social welfare,a wealth transfer problem,consumer surplus,producer surplus,19,Figure welfare in competitive market,Producer,surplus,Consumer,surplus,Price,0,Quantity,Equilibrium,price,Equilibrium,quantity,Supply,Demand,A,C,B,D,E,20,Quantity,0,Price,Deadweight,loss,Demand,Marginal,revenue,Marginal cost,Efficient,quantity,P,m,Monopoly,quantity,P,cm,Monopoly versus perfect competition,21,Competitive market equilibrium,Qd=Qs,Solution:,Pe=35 Qe=100,22,Figure Consumer and Producer Surplus in the Market Equilibrium,Price,0,Quantity,Pe=35,Qe=100,Supply,Demand,23,Monopoly:,MR=85-Q,MR=MC,Qm=60,Pm=85-0.5Q=55,2,24,Figure monopoly output and price,Price,0,Quantity,Supply,Demand,Pm=55,Q,m,=60,25,Figure monopoly versus perfect competition,Price,0,Quantity,Supply,Demand,Pm=55,Q,m,=60,35,100,25,A,B,C,D,26,Consumer Deadweight loss:,1/2(55-35)(100-60) =400,Producer deadweight loss:,( 30-25) (100-60)=200,Wealth transfer to producer:,(55-35) 60,27,28,六,.Social Benefits From Monopoly,Economies of Scale/natural monopoly,Invention and Innovation,29,七,. Monopoly Regulation,Dilemma of Natural Monopoly,Monopoly has the potential for efficiency.,Unregulated monopoly can lead to economic profits and underproduction.,30,(a) socially optimal (marginalcost) pricing and (b) fairreturn (averagetotalcost) pricing. What is the “dilemma of regulation?”,31,Antitrust laws give government various ways to promote competition.,They allow government to prevent mergers.,They allow government to break up companies.,They prevent companies from performing activities that make markets less competitive.,32,Two Important Antitrust Laws,Sherman Antitrust Act (1890),Sherman Act forbids restraints of trade and,“,monopolizing.,”,Clayton Act (1914),Clayton Act focuses on mergers, interlocking directorates, price discrimination, and tying contracts.,33,”bundling” charge Internet software Windows operating system,Microsoft Case,34,中华人民共和国反垄断法,通过施行,目录,第一章总则,第二章垄断协议,第三章滥用市场支配地位,第四章经营者集中,第五章滥用行政权力排除、限制竞争,第六章对涉嫌垄断行为的调查,第七章法律责任,第八章附则,35,True or false,The sole producer of a good can charge whatever price it wants.,For monopoly to exist, entry barriers must exist.,When a demand curve slopes down, marginal revenue is always less than price.,Marginal revenue equals zero when the demand curve has an elasticity of one.,Monopolies always earn economic profits.,For the same demand and cost conditions, price is higher and output is lower under monopoly than under perfect competition.,36,
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