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Ch14_class - Principles of Microeconomics Econ 2005 Week 11...

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05/12/09 Econ 2005 1 Principles of Microeconomics Econ 2005 Week 11 Monopoly (ch 14)
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2 Outline How a monopolist decides on price and  output How monopolistic behavior leads to  inefficiency Monopolists under produce Application of monopoly model:  Regulation of natural monopoly price discrimination
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3 Types of Market Structure In order to develop principles and make predictions  about markets and how producers will behave in  them, economists have developed four principal  models of market structure:  perfect competition monopoly oligopoly monopolistic competition
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4 Examples of monopoly Monopoly defined: one firm in the market The market for diamonds New drugs Pfizer and Lipitor Abbott and AIDS Drug Utilities and Regulation Many utilities collect taxes they never pay A rural doctor
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5 Why Do Monopolies Exist?
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