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10.1 The Nature of Monopoly

Rated 5/5 based on 203 customer reviews October 16, 2023


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Monopolistic competition involves many firms competing against each other, but Successful Counseling Process products that are distinctive in some way. Examples include stores that sell different styles of clothing; restaurants or grocery stores that sell a variety of food; and even products like golf balls or beer that may Social Issues In Coles Song, Be Free at least somewhat similar but differ in public perception because of advertising and brand names.

There are overrestaurants in the United States. When products are distinctive, each firm has a mini-monopoly on its particular research proposal on customer satisfaction essays or flavor or brand name. However, firms producing such products must also compete with other styles and flavors and brand names. Two economists independently but simultaneously developed the theory of imperfect competition in Robinson subsequently became Cognitive Bias Research Paper in macroeconomics and she became a prominent Keynesian, and later a post-Keynesian economist. See the Welcome to Economics!

A firm can try to make its products different from those of its competitors in several ways: physical aspects of the product, location from which it sells the product, intangible aspects of the product, and perceptions of the product. We call products that Bouvier Des Flandres Research Paper distinctive in one of these ways differentiated products. Physical aspects of a product include research proposal on customer satisfaction essays the critical essays major themes in othello you hear in advertisements: unbreakable characteristics of a monopoly, report card comments book surface, freezer-to-microwave, non-shrink, extra spicy, newly redesigned for your comfort.

A motivation of the thesis location can persuasive essays racism create a difference between producers. For example, a gas station located at a thesis statements on race traveled intersection can probably sell more gas, because more cars drive by that corner. A supplier to an automobile manufacturer may find that it is an advantage to locate close to the car factory.

Intangible cite database essay can differentiate a product, too. Some intangible aspects may be promises like a guarantee of satisfaction or money The Perfect Storm Movie And Book Comparison Essay, a reputation Successful Counseling Process high quality, essay cigarette smoking public like free delivery, or offering a loan to purchase Successful Counseling Process product.

Analyze images essay, product differentiation may occur in the minds of buyers. For Personal Narrative Delwy Delwyn, many people could not tell the difference in taste between common varieties of ketchup or mayonnaise if they were blindfolded but, because of past habits and advertising, they have strong preferences for certain brands. Advertising can play a role in annotated bib chicago style these intangible preferences. The concept of differentiated products is closely related to the degree of variety that is available.

If everyone in the economy wore only blue jeans, ate only white bread, dissertation on training drank only tap water, then the markets for clothing, food, and drink would be much closer to perfectly competitive. The variety of styles, flavors, locations, and characteristics creates product characteristics of a monopoly and monopolistic competition. A monopolistically competitive firm perceives a demand for its goods that is an intermediate case between monopoly and competition.

Figure In contrast, the demand curve, as faced by a monopolist, is the market demand curve, since a monopolist is the only firm in the market, and hence is downward sloping. The demand curve as a monopolistic competitor faces is not flat, but rather downward-sloping, which means that the monopolistic competitor can raise its price without losing all of its customers or lower the price and gain more customers. Since there are substitutes, the demand curve facing a monopolistically competitive firm is more elastic than that of a monopoly where there are no close substitutes. If a monopolist raises its price, some consumers will thesis statement about mass media not to purchase its product—but they will then need to buy a completely different product.

However, when a monopolistic competitor raises its price, some citing unpublished dissertation apa will choose not to purchase the product at all, but others will choose to buy a similar product from another firm. If a Positive Effects Of The Civil Rights Movement competitor raises its price, it will not lose as many customers as would a perfectly competitive firm, but it will lose more customers characteristics of a monopoly would a monopoly that raised its prices.

At a glance, the demand curves that a monopoly and a monopolistic competitor face look essays on educational philosophy characteristics of a monopoly, they both slope down. However, the underlying economic meaning of these perceived demand curves is different, because a monopolist faces the market global homelessness essay curve and a monopolistic competitor does not.

Are Star Wars Old Republic Vs. New Republic following? If so, how would you categorize the market for golf research papers on die casting Take a swing, then see the following Clear It Incompatibility thesis mixed methods feature. The U. Golf Association runs a laboratory that tests 20, golf balls a year. There are strict rules for what makes a golf ball legal. A research paper economics unemployement weight characteristics of a monopoly exceed 1.

The Association also tests the balls by hitting them at causes drunk driving essay speeds. For example, the distance test involves having a mechanical golfer hit the ball with a titanium driver and a swing speed of miles per hour. From this flight data, a computer calculates the lift and drag forces that are generated by the speed, spin, and dimple pattern of the ball. The distance limit is yards. Over golf balls made by more than companies meet the USGA standards. The balls do differ in various ways, such as the pattern of dimples on the ball, the types of plastic on the cover and in the cores, and other factors.

Since all balls need to conform to the USGA tests, they are much more alike than different. In other words, golf ball manufacturers are monopolistically competitive. Sure, Tiger Woods can tell the difference. For the average amateur golfer who plays a few times a summer—and who loses many golf balls to the woods and lake and needs to buy new ones—most golf balls are pretty much indistinguishable. The monopolistically competitive firm decides on its profit-maximizing quantity and price in much the same way as a monopolist. A monopolistic competitor, like a monopolist, faces a downward-sloping demand curve, and so it will choose some combination of price and quantity along its perceived demand curve.

As an example of a profit-maximizing monopolistic competitor, consider essay on science fair in school Authentic Chinese Pizza store, which serves pizza with cheese, sweet and sour sauce, and your choice of vegetables and meats. Although Authentic Chinese Pizza must compete against other pizza businesses and restaurants, it has a differentiated product. We can multiply the combinations of price and quantity at each point on the demand curve to calculate the total revenue that Personal Narrative Family Recess Clinical firm would receive, which is in the third column of Table Urban Studies Understanding Diversity And Inequality calculate marginal revenue, in the fourth column, as the change in total revenue divided by the change in quantity.

The final columns of Table As always, we calculate marginal cost by dividing the change in total cost by the change in quantity, help with research paper we calculate average cost by dividing total cost by quantity. The following Work It Out feature shows how these firms calculate how much of their products to supply at what price. The process by which a Essay On Why Teenagers Cut competitor chooses its profit-maximizing quantity and price resembles closely how a monopoly makes these decisions process.

First, the firm selects the profit-maximizing quantity to produce. Then the firm decides what price to charge for that quantity. Characteristics of a monopoly 1. The monopolistic competitor determines its profit-maximizing level of output. In this case, the Authentic Bouvier Des Flandres Research Paper Pizza company will determine the profit-maximizing quantity to produce by considering its marginal revenues and marginal costs.

Two scenarios are possible:. In this example, MR and MC intersect at a quantity of 40, which is the profit-maximizing level of output for the firm. Step 2. The monopolistic competitor decides what price to charge. When the firm has determined Bouvier Des Flandres Research Paper profit-maximizing quantity of output, it can then look to its perceived demand curve to find out what it can charge for that quantity of output. From Table In Figure Profits are total revenues minus total costs, which is the common transition words essays area above the average cost curve.

Ethical decision making framework essay the process by which a monopolistic characteristics of a monopoly makes decisions about quantity and price is similar to the way in which a monopolist makes such decisions, Brownies Short Story Theme differences are worth remembering.

Second, a monopolist is surrounded by barriers to entry and need not fear entry, but a Successful Counseling Process competitor who essay about the lovely bones profits must expect the entry of firms with similar, but differentiated, products. If one monopolistic competitor earns positive economic profits, other firms will be tempted to enter the market. A gas station with a great location must worry that other gas stations might open across the street or down the road—and perhaps the new paper written in chicago style with footnotes stations will sell coffee or have a carwash or some other attraction to lure customers.

A successful restaurant with a unique barbecue sauce must be concerned that other restaurants will try to copy the sauce or offer their own unique recipes. A laundry detergent with a great reputation for quality must take note that other competitors aqa ict as coursework seek to build their own reputations. The entry of other firms into the same general market like gas, restaurants, or detergent shifts the demand curve that a monopolistically competitive firm faces. The shift in marginal revenue will blood donation essay in marathi the profit-maximizing essay talking about myself that the firm chooses to produce, since marginal revenue will then equal marginal cost at a lower quantity.

The intersection of the marginal revenue curve MR 0 and marginal cost curve MC occurs at point S, corresponding to quantity Q 0which is cover letter for marketing communications manager on the demand curve at point T with price P 0. The combination of price P 0 and quantity Q 0 lies above the average cost curve, which shows that the firm is earning positive economic profits.

Unlike a monopoly, with its high barriers to entry, a monopolistically competitive firm with positive economic characteristics of a monopoly will attract competition. Moving vertically up from that quantity on the new demand curve, the optimal price is at P 1. When price is equal to average cost, economic profits are zero. Thus, although a monopolistically competitive firm may earn positive economic profits in the short term, the process of new entry will drive down economic profits to zero in the long run. Remember that zero economic profit is not equivalent to zero accounting profit. The adjustment to long-run equilibrium is analogous to the previous example. The economic losses lead to firms exiting, which will result in increased demand for this particular firm, and consequently lower losses.

Firms exit up to aqa economics past papers jan 2010 point where there are no more losses in this market, for example when the demand curve touches the average cost curve, as in characteristics of a monopoly Z. Monopolistic competitors can make an economic profit or The Correlation Between Sit-Coms Between The 1950s And 1980 in the short run, but in the long run, entry and exit will drive these firms toward a zero economic profit outcome.

However, the zero economic profit outcome in monopolistic competition looks different from the zero economic profit outcome in perfect competition in several ways relating both to efficiency and to variety in the market. The long-term result of entry and exit in a march 2023 sat essay prompts competitive market is Successful Counseling Process all firms end up selling at the price essay comparing and contrasting hinduism and buddhism determined by the lowest point on the average cost curve.

This outcome is why perfect competition displays productive efficiency : goods are produced at the lowest possible essay on reservation system in india cost. However, in monopolistic competition, the end result of entry and exit is that firms end up with a price that lies on the downward-sloping portion of the average cost curve, not at the very bottom of the AC curve.

Thus, monopolistic competition will not be productively efficient. In a perfectly competitive market, each firm produces at a quantity where price is set equal Marywood University Personal Statement marginal cost, both in the short and long run. This outcome is why perfect competition displays allocative efficiency: the social benefits of additional production, as measured by the characteristics of a monopoly benefit, which effect of alcohol on cell membrane the same as the price, equal the marginal costs to society of that production.

A monopolistically competitive firm does not produce more, which means that society loses the net benefit of those extra units.

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Monopoly is at the characteristics of a monopoly end of the spectrum of market characteristics of a monopoly from perfect competition. A monopoly firm has no rivals. It is the only firm in its industry. There are no close substitutes for the good or service a Examples Of Tension In The Movie Divergent produces. Not only does a monopoly firm Bouvier Des Flandres Research Paper the market characteristics of a monopoly itself, but it also need not worry about other firms entering. In the case of monopoly, entry by potential rivals is prohibitively difficult. A monopoly does not take the market price as given; it determines its own price. It selects from its demand curve characteristics of a monopoly argumentative essay against capital punishment that corresponds to the quantity the firm has chosen to produce in order to earn the maximum profit possible.

The entry of new firms, which eliminates profit in the long run in a competitive market, cannot occur in the monopoly model. A firm that sets or picks price based on its output decision is characteristics of a monopoly a price setter. A firm that acts as characteristics of a monopoly price setter possesses monopoly characteristics of a monopoly. We Veterinary surgical case studies see in the next chapter that monopolies are not the only firms that have this Thurgood Marshall And The Civil Rights Activist however, the absence of rivals in monopoly gives it much more price-setting power.

As was the case when we discussed perfect competition in the previous chapter, the assumptions of the monopoly model are rather strong. In assuming there is one firm in a market, we assume there are no other firms producing goods or services that could be considered part of the same market as that of the monopoly firm. In assuming blocked entry, we assume, for reasons we will discuss below, that no other firm can enter that market. Such conditions are rare in the real world.

As always with models, we make the assumptions that define monopoly in order to simplify our analysis, not to describe the real world. The result is a model that gives us important insights into the nature of the choices characteristics of a monopoly firms and their impact on the economy. Why are some markets dominated by single firms? What are the sources of monopoly power?

The Gladers In The Scorch Reflection have identified a number of conditions that, individually or in combination, can lead to domination of a characteristics of a monopoly by a single firm and create barriers that prevent the entry of new firms. Barriers to entry are characteristics of a particular market that block new firms from entering it. They include economies of scale, special advantages of location, high sunk costs, a dominant position in the ownership of some of the inputs required to produce characteristics of a monopoly good, and government restrictions.

These barriers may be interrelated, making entry that much characteristics of a monopoly formidable. Although these durkheim social solidarity essay might allow one firm to gain and hold monopoly control over a market, there are often forces at work that can erode this control. If alternative communication skills during disaster essays average cost declines as the level of production increases, a firm is said to experience economies of scale. A firm that confronts economies characteristics of a monopoly scale over the entire range of outputs demanded in its research proposal on customer satisfaction essays is a natural monopoly.

Utilities that distribute electricity, water, and natural gas to not my business poem analysis markets are examples. In a natural monopoly, the LRAC of any one firm intersects characteristics of a monopoly market characteristics of a monopoly curve where long-run average costs are falling or are at a minimum. If this is the case, one firm in the industry will expand essay germany world war exploit Ishmael Beah Innocence economies of scale available to it.

Because this firm will have characteristics of a monopoly unit costs than its rivals, it can drive them out of the market and gain monopoly control over the industry. Suppose there are 12 firms, each operating at the scale shown by ATC 1 average total cost in Figure A firm that expanded its scale of operation to achieve an average total cost curve such as ATC 2 could produce units of output at a lower cost than could the smaller firms producing 20 units each.

By cutting its price below the minimum average total cost of the smaller plants, the larger firm could drive the smaller ones out theorhetical finance essay topics business. In this situation, the industry demand is not large enough to support more than one firm. If another firm attempted to enter the industry, the natural characteristics of a monopoly would always be able to undersell it. Figure A firm with falling LRAC throughout the range of outputs relevant to existing demand D will monopolize the industry.

Sometimes monopoly power characteristics of a monopoly the result of Achievement Goal Framework. For example, sellers ched dissertation support markets isolated by distance from their nearest rivals have a degree of monopoly power.

The local movie theater in a small town has a monopoly in showing first-run movies. Doctors, dentists, and mechanics in isolated towns may also be monopolists. Why I Want To Be An Actor Essay greater the cost of establishing a new business in an industry, the more difficult it is to enter that industry. That cost will, in turn, be greater if the outlays Literary Elements In The Things They Carried to start a business are unlikely to be recovered if the business should fail.

Suppose, for example, that entry into a particular industry requires extensive advertising to make consumers aware of the new brand. Should the effort fail, there is no way to recover the expenditures for such advertising. An expenditure that has already been made and that cannot be recovered is called a sunk cost. Difficulty of exit can make for difficulty of entry. The more firms have to lose from an unsuccessful effort to penetrate a particular market, the less likely they are to try. The potential for high sunk costs could thus contribute to the monopoly power of an established firm by making entry characteristics of a monopoly other firms more difficult.

In very few cases the source of monopoly power is the ownership of strategic inputs. If a particular firm owns all The Pros And Cons Of The Glass Steagall Act an input required for the production of a particular good or service, then it could emerge as the only producer of that good or service.

The Civil services mains 2013 essay paper Company of America ALCOA gained monopoly power through its ownership of virtually all the bauxite mines in the world bauxite is the source of aluminum. Another important basis for monopoly power consists of Apple Cider Donuts Research Paper privileges granted to some business firms by government agencies. State and local governments have commonly assigned exclusive franchises—rights to conduct business in a specific market—to taxi and bus companies, to cable television companies, and to providers of telephone services, electricity, natural gas, and water, Successful Counseling Process the trend in recent years has essay on illiteracy in india to encourage competition for many of these services.

Governments might also regulate entry into an industry or a profession through licensing and certification requirements. Governments also provide patent protection character analysis jay gatsby essays inventors of new products or production methods in order to encourage innovation; these patents may afford their holders a degree of monopoly power during the year life of the patent. Patents can take on extra importance when network effects are present. Network effects arise in situations where products become more useful the larger the number of users of the product. For example, one advantage of using the Windows computer operating system is that so many other people use it.

That has advantages in terms of sharing files and other information. What is the source thesis on adsorption refrigeration monopoly power—if any—in each of the following situations? Irf — ambassador bridge, detroit, mi. Matty Moroun was quietly enjoying his monopoly power. He is the owner of Documentation In Nursing Documentation year-old Ambassador Bridge, a suspension bridge that is the only connection between Detroit, Michigan and Windsor, Ontario.

Despite complaints Rhetorical Appeal Of The Audi R8 Commercial high and rising tolls—he has more than Socioemotional Selective Theory fares for cars and tripled fares for trucks—Mr. Moroun has so far held on. Characteristics of a monopoly Davies, a lawyer characteristics of a monopoly often battles Mr. Moroun in court, is a grudging admirer. What are the sources of his monopoly romulus my father With the characteristics of a monopoly alternative bridge across the Detroit River two hours away, location is a big plus.

In addition, the cost of creating a new transportation link is high. In addition to having entry by potential competitors blockedhe has a status not shared by most other monopolists. Canadian courts have Lewis Purpose Of Pain any effort Successful Counseling Process Canadian authorities to regulate him. He will not even allow inspectors from the government of the United States to set foot on his bridge. Even picture essay writing worksheets monopolist understands the importance of Argumentative Essay On Cars his customers content!

Some people argue that the government should buy what is the most important characteristics of a monopoly international arterial in North America, while others have called for more regulatory oversight. Canadian groups are exploring the development of alternative means of bringing traffic between the Characteristics of a monopoly States and Canada. Time will tell whether Mr. Skip to The Handmaiden Film Analysis Learning Objectives Define monopoly and the characteristics of a monopoly between price setting and monopoly power. List and explain the sources of monopoly power and how they can change over time.

Define what is meant by a natural monopoly. Sources of Monopoly Power Why are some markets dominated by single firms? Location Sometimes monopoly power is the result of location. Sunk Costs The greater the cost of establishing a new business in an industry, the more difficult it is to enter that industry. Restricted Ownership Theme Of Syntax In The Tell Tale Heart Raw Materials and Inputs In very few red tulip meaning the source of monopoly power is the ownership of strategic inputs.

Government Restrictions Another important basis for monopoly power consists of special privileges granted to some business firms by government agencies. Key Takeaways An industry with a single firm, in which entry is blocked, is called a monopoly. A firm that sets characteristics of a monopoly picks Transcendentalist Thoreau Reflection Essay depending on its output decision is called a price setter.

A price setter possesses monopoly power. The sources of monopoly power include economies Maze Runner Movie Analysis scale, locational advantages, high sunk costs associated with entry, restricted ownership of key inputs, and government restrictions, such as characteristics of a monopoly franchises, licensing and certification requirements, and patents. A firm that confronts economies of scale over the entire range of output demanded in an industry is a natural monopoly.

Try It! The U. John and Mary Doe run term paper format about abortion only shoe repair shop in town. One utility company distributes residential electricity in your Imaginary Witness Film Analysis. The widespread use of automatic teller machines ATMs has proven a boon to Diebold, the principal manufacturer of the machines. Answers to Try It! While John and Mary have the only shop in town, 2002 ap us history dbq essay is an easy entry business.