N22-simple monopoly jpw (3) - microL22-F2010-page

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Unformatted text preview: microL22-F2010-page http://www.arts.cornell.edu/econ/wissink/econ1110jpw/ Simple Monopoly Lecture 22 Dr. Jennifer P. Wissink 2009 John M. Abowd and Jennifer P. Wissink, all rights reserved. November 11, 2010 microL22-F2010-page http://www.arts.cornell.edu/econ/wissink/econ1110jpw/ Announcements: Micro S2010 MyEconLab: Two new quizzes have been posted. Quiz#09 and another ToCatchUpQuiz. Check the MEL site for due dates. Prelim 2: I hope it went reasonably well. TAs are busy grading I hope to have results for you at lecture on Thursday. microL22-F2010-page http://www.arts.cornell.edu/econ/wissink/econ1110jpw/ Sources of Monopoly Entry Barriers Technical: Natural monopoly (1) Vital input ownership (2) Technical secrets (the better mousetrap) (3) Legal: Patents (4) Franchises (5) Licenses (6) Strategic: Buy em up (7) Blow em up (8) Lets make a deal (9) microL22-F2010-page http://www.arts.cornell.edu/econ/wissink/econ1110jpw/ Natural versus Ordinary Monopoly microL22-F2010-page http://www.arts.cornell.edu/econ/wissink/econ1110jpw/ Monopoly Caveats monopoly > youre big big > youre a monopoly monopoly > you have absolute and unlimited control over price monopoly > you must have positive economic profit short run profit > monopoly power monopoly > a badly behaved firm microL22-F2010-page http://www.arts.cornell.edu/econ/wissink/econ1110jpw/ The Classic Monopoly Polar extreme from perfect competition....
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This note was uploaded on 01/27/2011 for the course ECON 1101 at Cornell University (Engineering School).

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N22-simple monopoly jpw (3) - microL22-F2010-page

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