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Global Economics WGU

chapter 15 Monopoly

QuestionAnswer
monopolies are the sole sellers of products and services
monopolies have no close substitutes
monopolies are price takers (influence price)
monopolies have barriers to entries
perfect competition do not influence price
perfect competition demand curve horizontal
monopoly demand curve downward slope
perfect competition market decision Quantity
monopoly market decision P / Q
MR > MC increase output
MC > MR decrease Q
MR = MC this is Great!
in the welfare cost of monopolies consumer surplus = below price above demand curve
in the welfare cost of monopolies producer surplus = below price above supply curve
CS + PS = (consumer supply + producer surplus) equals Total surplus (TS)
with long run equilibrium the demand curve shifts to the left
with long run equilibrium each firms profit declines until zero economic profits are realized
duopoly price is determined by market demand, if one firm increases production (Q) this will impact the price for the whole market
duopoly choice 1 collude & form a cartel (monopoly) -maximize total market profit
duopoly choice 2` don't collude (self interest) higher individual firm profits possible, difficult to agree (anti-trust laws)
nash equilibrium each economic actor chooses best strategy - consideration of other decisions
dominant strategy strategy that is best for a player in a game regardless of the strategies chosen by the other players
Created by: nashanta
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