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Lecture 17 _Mar 18_

Lecture 17 _Mar 18_ - Economics 100A Lecture#17 Thursday...

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1 Economics 100A Lecture #17: Thursday, Mar. 18 1) Monopoly: definition, examples, causes 2) Monopolist’s problem and its solution 3) Comparative statics 4) Welfare analysis of monopoly 5) Multi-market monopoly
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2 (1) Intro to monopoly Monopoly occurs when the entire market is supplied by a single firm No close substitute exists Entry is not allowed or infeasible Price taking buyers A monopolist is the price maker Monopolist’s demand curve = market demand curve Monopolist has no supply curve
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