曼昆微观经济学英文版15monopoly
微观经济学-曼昆英文版本
A Firm’s Long-Run Decision to Exit
• Cost of exiting the market: revenue loss = TR
• Benefit of exiting the market: cost savings = TC (zero FC in the long run) • So, firm exits if TR < TC
Because of 1 & 2, each buyer and seller is a
“price taker” – takes the price as given.
The Revenue of a Competitive Firm
• Total revenue (TR)
• Average revenue (AR)
Qa Q 1 Qb
Q
MC and the Firm’s Supply Decision
If price rises to P2, then the profitmaximizing quantity rises to Q2.
Costs MC P2 MR2 MR
The MC curve determines the firm’s Q at any price. P1 Hence,
Introduction: A Scenario
• Three years after graduating, you run your own business. • You must decide how much to produce, what price to charge, how many workers to hire, etc. • What factors should affect these decisions?
经济学原理 英文版 曼昆 复习资料Chap_15
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
Competition versus Monopoly Competitive Firm
Is one of many producers Has a horizontal demand curve Is a price taker Sells as much or as little at same price
Monopoly
Chapter 15
LEARNING OBJECTIVES:
why some markets have only one seller. how a monopoly determines the quantity to produce and the price to charge. how the monopoly’s decisions affect economic well-being. the various public policies aimed at solving the problem of monopoly. why monopolies try to charge different prices to different customers.
P x Q = TR
Average Revenue
TR/Q = AR = P
Marginal Revenue
∆TR/∆Q = MR
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
A Monopoly’s Total, Average, and Marginal Revenue
微观经济学15 monopoly
Copyright © 2004 South-Western
Government-Created Monopolies • Patent and copyright laws are two important examples of how government creates a monopoly to serve the public interest.
Copyright © 2004 South-Western
Figure 4 Profit Maximization for a Monopoly
Costs and Revenue
2. . . . and then the demand curve shows the price consistent with this quantity. B
Monopoly
15
Copyright©2004 South-Western
• While a competitive firm is a price taker, a monopoly firm is a price maker.
Copyright © 2004 South-Western
• A firm is considered a monopoly if . . .
• The output effect—more output is sold, so Q is higher. • The price effect—price falls, so P is lower.
Copyright © 2004 South-Western
Figure 3 Demand and Marginal-Revenue Curves for a Monopoly
微观经济学 曼昆 第十五章ppt课件
▪ 垄断企业（以及其他具有市场势力的企业）试图对
有更高支付意愿的消费者收取更高的价格来增加利 润，这种行为称为价格歧视
29
内容提要
▪ 政策制定者可以通过以下方法管制垄断：用反托拉
斯法来赠强竞争，或者把垄断企业变为政府经营的 企业。由于这些方法都存在问题，最好的选择可能 是不作为
D Q
6
主动学习 1
垄断者的收益
Common Grounds是 小镇上卡布奇诺咖啡 Q P TR
的唯一卖者 表中表示了对T卡布奇 诺咖啡的市场需求
0 $4.50 1 4.00
将该表填写完整
2 3.50
P与AR有什么关系？ 3 3.00
P与MR有什么关系？ 4 2.50
5 2.00
6 1.50
AR MR n.a.
完MO整N版OPPPOTL课Y 件
10
利润最大化
▪ 与竞争性企业一样，垄断者最大化它的利润直到
MR = MC
▪ 一旦垄断者决定好生产数量，它将把消费者为那
个数量所愿意支付的最高价格作为市场价格
▪ 垄断者从需求曲线上找出这个价格
完MO整N版OPPPOTL课Y 件
11
利润最大化
成本与收
1. 利润最大化的产 益
垄断者没有供给曲线
一个竞争性企业
▪ 把价格作为给定 ▪ 有一条供给曲线，表示出它的产量如何取决于价格
一个垄断企业
▪ 是一个“价格制定者”，而不是“价格接受者” ▪ 产量并不取决于价格，而是产量与价格由MC, MR
与需求曲线共同决定
因此，垄断者没有供给曲线
完MO整N版OPPPOTL课Y 件
曼昆经济学原理Chapter15垄断 中英文笔记
Chapter 15 Monopoly 垄断§1. 垄断Monopoly一．对比竞争企业是价格接受者，垄断企业是价格制定者。
a competitive firm is a price taker, a monopoly firm is a price maker二．定义垄断企业：作为一种没有相近替代品的产品的唯一卖者的企业A firm is considered a monopoly if it is the sole seller of its product & its product does not have close substitutes. 如果一个企业是其产品唯一的卖者，而且如果其产品并没有相近的替代品，这个企业就是垄断者。
§2. 为什么会产生垄断Why Monopolies Arise一．（1）垄断的基本原因fundamental cause：进入障碍barriers to entry（2）进入障碍的三个主要来源Barriers to entry have three sources1.垄断资源：生产所需要的关键资源由一家企业拥有Ownership of a key resource.2.政府管制：政府给予一个企业排他性地生产某种产品或服务的权利The government gives a single firm the exclusive right to produce some good.3.生产流程：生产成本使一个生产者比大量生产者更有效率Costs of production make a single producer more efficient than a large number of producers.二．垄断资源Monopoly Resources虽然关键资源的排他性所有权是垄断的一个潜在原因，但垄断很少产生于这种原因Although exclusive ownership of a key resource is a potential source of monopoly, in practice monopolies rarely arise for this reason.三．政府制造的垄断Government-Created Monopolies1.政府给予一个企业排他性地出售某种物品或劳务的权利，限制其他企业进入市场，从而造成垄断。
曼昆微观经济学第四版关键概念中英文对照
微观经济学关键概念中英文对照CHAPTER 1scarcity稀缺性economics经济学efficiency效率equity平等opportunity cost机会成本rational people理性人marginal changes边际变动incentive激励market economy市场经济property rights产权market failure市场失灵externality外部性market power市场势力productivity生产率inflation通货膨胀business cycle经济周期CHAPTER 2circular-flow diagram循环流向图production possibilities frontier生产可能性边界microeconomics微观经济学macroeconomics宏观经济学positive statements实证表述normative statements规范表述CHAPTER 3absolute advantage绝对优势opportunity cost机会成本comparative advantage比较优势imports进口exports出口CHAPTER 4market市场competitive market竞争市场quantity demanded需求量law of demand需求定理demand schedule需求表demand curve需求曲线normal good正常物品inferior good低档物品substitutes替代品complements互补品quantity supplied供给量law of supply供给定理supply schedule供给表supply curve供给曲线equilibrium均衡equilibrium price均衡价格equilibrium quantity均衡数量surplus过剩shortage短缺law of supply and demand供求定理CHAPTER 5elasticity弹性price elasticity of demand需求价格弹性total revenue总收益income elasticity of demand需求收入弹性cross-price elasticity of demand需求的交叉价格弹性price elasticity of supply供给价格弹性CHAPTER 6price ceiling价格上限price floor价格下限tax incidence税收归宿CHAPTER 7welfare economics福利经济学willingness to pay支付意愿consumer surplus消费者剩余cost成本producer surplus生产者剩余efficiency效率equity平等CHAPTER 8deadweight loss无谓损失CHAPTER 9world price世界价格tariff关税CHAPTER 10externality外部性internalizing the externality外部性的内在化Coase theorem科斯定理transaction costs交易成本corrective tax矫正税CHAPTER 11Excludability排他性rivalry in consumption消费中的竞争性private goods私人物品public goods公有物品common resources公有资源free rider搭便车者cost-benefit analysis成本收益分析Tragedy of the Commons公有地悲剧CHAPTER 12CHAPTER 13total revenue总收益total cost总成本profit利润explicit costs显性成本implicit costs隐性成本economic profit经济利润accounting profit会计利润production function生产函数marginal product边际产量diminishing marginal product边际产量递减fixed costs固定成本variable costs可变成本average total cost平均总成本average fixed cost平均固定成本average variable cost平均可变成本marginal cost边际成本efficient scale有效规模economies of scale规模经济diseconomies of scale规模不经济constant returns to scale规模收益不变CHAPTER 14competitive market竞争市场average revenue平均收益marginal revenue边际收益sunk cost沉没成本CHAPTER 15Monopoly垄断企业natural monopoly自然垄断price discrimination价格歧视CHAPTER 16Oligopoly寡头monopolistic competition垄断竞争collusion勾结cartel卡特尔Nash equilibrium纳什均衡game theory博弈论prisoners＇dilemma囚徒困境dominant strategy占优策略CHAPTER 17monopolistic competition垄断竞争CHAPTER 18factors of production生产要素production function生产函数marginal product of labor劳动的边际产量diminishing marginal product边际产量递减value of the marginal product边际产量值capital资本CHAPTER 19compensating differential补偿性工资差别human capital人力资本union工会strike罢工efficiency wages效率工资discrimination歧视CHAPTER 20poverty rate贫困率poverty line贫困线in-kind transfers实物转移支付life cycle生命周期permanent income持久收入utilitarianism功利主义utility效用liberalism自由主义maximin criterion最大化标准social insurance社会保障libertarianism自由意志主义welfare福利negative income负所得税。
曼昆经济学原理英文版文案加习题答案15章
MONOPOLISTIC COMPETITIONWHAT’S NEW IN THE S EVENTH EDITION:There are no major changes to this chapter.LEARNING OBJECTIVES:By the end of this chapter, students should understand:what market structures lie between monopoly and competition.competition among firms that sell differentiated products.how the outcomes under monopolistic competition and under perfect competition compare.the desirability of outcomes in monopolistically competitive markets.the debate over the effects of advertising.the debate over the role of brand names.CONTEXT AND PURPOSE:Chapter 16 is the fourth chapter in a five-chapter sequence dealing with firm behavior and the organization of industry. The previous two chapters developed the two extreme forms of market structure—competition and monopoly. The market structure that lies between competition and monopoly is known as imperfect competition. There are two types of imperfect competition—monopolistic competition and oligopoly. This chapter addresses monopolistic competition while the final chapter in the sequence addresses oligopoly. The analysis in this chapter is again based on the cost curves developed in Chapter 13.The purpose of Chapter 16 is to address monopolistic competition—a market structure in which many firms sell products that are similar but not identical. Monopolistic competition differs from perfect competition because each of the many sellers offers a somewhat different product. As a result, monopolistically competitive firms face a downward-sloping demand curve while competitive firms face a horizontal demand curve at the market price. Monopolistic competition is extremely common.KEY POINTS:A monopolistically competitive market is characterized by three attributes: many firms, differentiatedproducts, and free entry.The long-run equilibrium in a monopolistically competitive market differs from that in a perfectly competitive market in two related ways. First, each firm in a monopolistically competitive market has excess capacity. That is, it chooses a quantity that puts it on the downward-sloping portion of the average-total-cost curve. Second, each firm charges a price above marginal cost.Monopolistic competition does not have all of the desirable properties of perfect competition. There is the standard deadweight loss of monopoly caused by the markup of price over marginal cost. In addition, the number of firms (and thus the variety of products) can be too large or too small. In practice, the ability of policymakers to correct these inefficiencies is limited.The product differentiation inherent in monopolistic competition leads to the use of advertising and brand names. Critics of advertising and brand names argue that firms use them to manipulate consumers’ tastes and to reduce competition. Defenders of advertising and brand names argue that firms use them to informconsumers and to compete more vigorously on price and product quality.CHAPTER OUTLINE:I. Between Monopoly and Perfect CompetitionA. The typical firm has some market power, but its market power is not as great as that described bymonopoly.B. Firms in imperfect competition lie somewhere between the competitive model and the monopoly model.C. Definition of oligopoly: a market structure in which only a few sellers offer similar or identical products.1. Economists measure a market’s domination by a small number of firms with a statistic called aconcentration ratio.2. The concentration ratio is the percentage of total output in the market supplied by the four largestfirms.3. In the . economy, most industries have a four-firm concentration ratio under 50%.D. Definition of monopolistic competition: a market structure in which many firms sell products that aresimilar but not identical.1. Characteristics of Monopolistic Competitiona. Many Sellersb. Product Differentiationc. Free EntryE. Figure 1 summarizes the four types of market structure. Note that it is the number of firms and the typeof product sold that distinguishes one market structure from another.II. Competition with Differentiated ProductsA. The Monopolistically Competitive Firm in the Short Run1. Each firm in monopolistic competition faces a downward-sloping demand curve because its product isdifferent from those offered by other firms.2. The monopolistically competitive firm follows a monopolist's rule for maximizing profit.a. It chooses the output level where marginal revenue is equal to marginal cost.b. It sets the price using the demand curve to ensure that consumers will demand exactly theamount produced.Figure 23. We can determine whether or not the monopolistically competitive firm is earning a profit or loss bycomparing price and average total cost.a. If P > ATC, the firm is earning a profit.b. If P < ATC, the firm is earning a loss.c. If P = ATC, the firm is earning zero economic profit.B. The Long-Run Equilibrium1. When firms in monopolistic competition are making profit, new firms have an incentive to enter themarket.a. This increases the number of products from which consumers can choose.b. Thus, the demand curve faced by each firm shifts to the left.c. As the demand falls, these firms experience declining profit.2. When firms in monopolistic competition are incurring losses, firms in the market will have anincentive to exit.a. Consumers will have fewer products from which to choose.b. Thus, the demand curve for each firm shifts to the right.c. The losses of the remaining firms will fall.3. The process of exit and entry continues until the firms in the market are earning zero profit.a. This means that the demand curve and the average-total-cost curve are tangent to each other.b. At this point, price is equal to average total cost and the firm is earning zero economic profit. Figure 3Remember that students have a hard time understanding why a firm will continue tooperate if it is earning “only” zero economic profit. Remind them that zero economic profitmeans that firms are earning an accounting profit equal to their implicit costs.Point out to students that, just like firms in perfect competition, firms in monopolisticcompetition also earn zero economic profit in the long run. Show them that this result occursbecause firms can freely enter the market when profits occur, driving the level of profits tozero. Any market with no barriers to entry will see zero economic profit in the long run.4. There are two characteristics that describe the long-run equilibrium in a monopolistically competitivemarket.a. Price exceeds marginal cost (due to the fact that each firm faces a downward-sloping demandcurve).b. Price equals average total cost (due to the freedom of entry and exit).C. Monopolistic versus Perfect CompetitionFigure 41. Excess Capacitya. The quantity of output produced by a monopolistically competitive firm is smaller than thequantity that minimizes average total cost (the efficient scale).b. This implies that firms in monopolistic competition have excess capacity, because the firm couldincrease its output and lower its average total cost of production.c. Because firms in perfect competition produce where price is equal to the minimum average totalcost, firms in perfect competition produce at their efficient scale.2. Markup over Marginal Costa. In monopolistic competition, price is greater than marginal cost because the firm has somemarket power.b. In perfect competition, price is equal to marginal cost.D. Monopolistic Competition and the Welfare of Society1. One source of inefficiency is the markup over marginal cost. This implies a deadweight loss (similar tothat caused by monopolies).2. Because there are so many firms in this type of market structure, regulating these firms would bedifficult.3. Also, forcing these firms to set price equal to marginal cost would force them out of business(because they are already earning zero economic profit).4. There are also externalities associated with entry.a. The product-variety externality occurs because as new firms enter, consumers get someconsumer surplus from the introduction of a new product. Note that this is a positive externality.b. The business-stealing externality occurs because as new firms enter, other firms lose customersand profit. Note that this is a negative externality.c. Depending on which externality is larger, a monopolistically competitive market could have toofew or too many products.5. In the News: Insufficient Variety as a Market Failurea. Firms may insufficiently service consumers with unusual preferences in markets with large fixedcostsb. This article from Slate describes how some consumers get left out of the market because of thehigh fixed costs associated with creating additional varieties of a product.III. AdvertisingA. The Debate over Advertising1. The Critique of Advertisinga. Firms advertise to manipulate people's tastes.b. Advertising impedes competition because it increases the perception of product differentiationand fosters brand loyalty. This means that consumers will be less concerned with pricedifferences among similar goods.2. The Defense of Advertisinga. Firms use advertising to provide information to consumers.b. Advertising fosters competition because it allows consumers to be better informed about all ofthe firms in the market.3. Case Study: Advertising and the Price of Eyeglassesa. In the United States during the 1960s, states differed on whether or not they allowed advertisingfor optometrists.b. In the states that prohibited advertising, the average price paid for a pair of eyeglasses in 1963was $33; in states that allowed advertising, the average price was $26 (a difference of more than20%).B. Advertising as a Signal of Quality1. The willingness of a firm to spend a large amount of money on advertising may be a signal toconsumers about the quality of the product being offered.2. Example: Kellogg and Post have each developed a new cereal that would sell for $3 per box. (Assumethat the marginal cost of producing the cereal is zero.) Each company knows that if it spends $10million on advertising, it will get one million new consumers to try the product. If consumers like the product, they will buy it again.a. Post has discovered through market research that its new cereal is not very good. After buying itonce, consumers would not likely buy it again. Thus, it will only earn $3 million in revenue, whichwould not be enough to pay for the advertising. Therefore, it does not advertise.b. Kellogg knows that its cereal is great. Each person that buys it will likely buy one box per monthfor the next year. Therefore, its sales would be $36 million, which is more than enough to justifythe advertisement.c. By its willingness to spend money on advertising, Kellogg signals to consumers the quality of itscereal.3. Note that the content of the advertisement is unimportant; what is important is that consumersknow that the advertisements are expensive.C. Brand Names1. In many markets there are two types of firms; some firms sell products with widely recognized brandnames while others sell generic substitutes.2. Critics of brand names argue that they cause consumers to perceive differences that do not reallyexist.3. Economists have defended brand names as a useful way to ensure that goods are of high quality.a. Brand names provide consumers with information about quality when quality cannot be judgedeasily in advance of purchase.b. Brand names give firms an incentive to maintain high quality, because firms have a financialstake in maintaining the reputation of their brand names.SOLUTIONS TO TEXT PROBLEMS:Quick Quizzes1. Oligopoly is a market structure in which only a few sellers offer similar or identical products.Examples include the market for breakfast cereals and the world market for crude oil. Monopolisticcompetition is a market structure in which many firms sell products that are similar but not identical.Examples include the markets for novels, movies, restaurant meals, and computer games.2. The three key attributes of monopolistic competition are: (1) there are many sellers; (2) each firmproduces a slightly different product; and (3) firms can enter or exit the market freely.Figure 1 shows the long-run equilibrium in a monopolistically competitive market. This equilibriumdiffers from that in a perfectly competitive market because price exceeds marginal cost and the firmdoes not produce at the minimum point of average total cost but instead produces at less than theefficient scale.Figure 13. Advertising may make markets les s competitive if it manipulates people’s tastes rather than beinginformative. Advertising may give consumers the perception that there is a greater differencebetween two products than really exists. That makes the demand curve for a product more inelastic,so the firms can then charge greater markups over marginal cost. However, some advertising couldmake markets more competitive because it sometimes provides useful information to consumers,allowing them to take advantage of price differences more easily. Advertising also facilitates entrybecause it can be used to inform consumers about a new product. In addition, expensive advertisingcan be a signal of quality.Brand names may be beneficial because they provide information to consumers about the quality ofgoods. They also give firms an incentive to maintain high quality, since their reputations areimportant. But brand names may be criticized because they may simply differentiate products thatare not really different, as in the case of drugs that are identical with the brand-name drug selling at amuch higher price than the generic drug.Questions for Review1. The three attributes of monopolistic competition are: (1) there are many sellers; (2) each sellerproduces a slightly different product; and (3) firms can enter or exit the market without restriction.Monopolistic competition is like monopoly because firms face a downward-sloping demand curve, soprice exceeds marginal cost. Monopolistic competition is like perfect competition because, in the longrun, price equals average total cost, as free entry and exit drive economic profit to zero.2. In Figure 2, a firm has demand curve D1 and marginal-revenue curve MR1. The firm is making profitsbecause at quantity Q1, price (P1) is above average total cost (ATC). Those profits induce other firmsto enter the industry, causing the demand curve to shift to D2 and the marginal-revenue curve to shiftto MR2. The result is a decline in quantity to Q2, at which point the price (P2) equals average total cost (ATC), so profits are now zero.Figure 23. Figure 3 shows the long-run equilibrium in a monopolistically competitive market. Price equalsaverage total cost. Price is above marginal cost.Figure 34. Because, in equilibrium, price is above marginal cost, a monopolistic competitor produces too littleoutput. But this is a hard problem to solve because: (1) the administrative burden of regulating the large number of monopolistically competitive firms would be high; and (2) the firms are earning zero economic profits, so forcing them to price at marginal cost means that firms would lose money unless the government subsidized them.5. Advertising might reduce economic well-being because it manipulates people's tastes and impedescompetition by making products appear more different than they really are. But advertising might increase economic well-being by providing useful information to consumers and fosteringcompetition.6. Advertising with no apparent informational content might convey information to consumers if itprovides a signal of quality. A firm will not be willing to spend much money advertising a low-qualitygood, but may be willing to spend significantly more to advertise a high-quality good.7. The two benefits that might arise from the existence of brand names are: (1) brand names provideconsumers information about quality when quality cannot be easily judged in advance; and (2) brandnames give firms an incentive to maintain high quality to maintain the reputation of their brandnames.Quick Check Multiple Choice1. b2. d3. a4. d5. a6. cProblems and Applications1. a. Tap water is a monopoly because there is a single seller of tap water to a household .b. Bottled water is a monopolistically competitive market. There are many sellers of bottled water,but each firm tries to differentiate its own brand from the rest.c. The cola market is an oligopoly. There are only a few firms that control a large portion of themarket.d. The beer market is an oligopoly. There are only a few firms that control a large portion of themarket.2. a. The market for wooden #2 pencils is perfectly competitive because pencils by any manufacturerare identical and there are a large number of manufacturers.b. The market for copper is perfectly competitive, because all copper is identical and there are alarge number of producers.c. The market for local electricity service is monopolistic because it is a natural monopoly—it ischeaper for one firm to supply all the output.d. The market for peanut butter is monopolistically competitive because different brand namesexist with different quality characteristics.e. The market for lipstick is monopolistically competitive because lipstick from different firmsdiffers slightly, but there are a large number of firms that can enter or exit without restriction.3. a. A firm in monopolistic competition sells a differentiated product from its competitors.b. A firm in monopolistic competition has marginal revenue less than price.c. Neither a firm in monopolistic competition nor in perfect competition earns economic profit inthe long run.d. A firm in perfect competition produces at the minimum average total cost in the long run.e. Both a firm in monopolistic competition and a firm in perfect competition equate marginalrevenue and marginal cost.f. A firm in monopolistic competition charges a price above marginal cost.4. a. Both a firm in monopolistic competition and a monopoly firm face a downward-sloping demandcurve.b. Both a firm in monopolistic competition and a monopoly firm have marginal revenue that is lessthan price.c. A firm in monopolistic competition faces the entry of new firms selling similar products.d. A monopoly firm earns economic profit in the long run.e. Both a firm in monopolistic competition and a monopoly firm equate marginal revenue andmarginal cost.f. Neither a firm in monopolistic competition nor a monopoly firm produces the socially efficientquantity of output.5. a. The firm is not maximizing profit. For a firm in monopolistic competition, price is greater thanmarginal revenue. If price is below marginal cost, marginal revenue must be less than marginalcost. Thus, the firm should reduce its output to increase its profit.b. The firm may be maximizing profit if marginal revenue is equal to marginal cost. However, thefirm is not in long-run equilibrium because price is less than average total cost. In this case, firms will exit the industry and the demand facing the remaining firms will rise until economic profit is zero.c. The firm is not maximizing profit. For a firm in monopolistic competition, price is greater thanmarginal revenue. If price is equal to marginal cost, marginal revenue must be less than marginal cost. Thus, the firm should reduce its output to increase its profit.d. The firm could be maximizing profit if marginal revenue is equal to marginal cost. The firm is inlong-run equilibrium because price is equal to average total cost. Therefore, the firm is earningzero economic profit.6. a. Figure 4 illustrates the market for Sparkle toothpaste in long-run equilibrium. The profit-maximizing level of output is Q M and the price is P M.Figure 4b. Sparkle's profit is zero, because at quantity Q M, price equals average total cost.c. The consumer surplus from the purchase of Sparkle toothpaste is areas A + B. The efficient levelof output occurs where the demand curve intersects the marginal-cost curve, at Q C. Thedeadweight loss is area C, the area above marginal cost and below demand, from Q M to Q C.d. If the government forced Sparkle to produce the efficient level of output, the firm would losemoney because average total cost would exceed price, so the firm would shut down. If thathappened, Sparkle's customers would earn no consumer surplus.7. a. As N rises, the demand for each firm’s product falls. As a result, each firm’s demand curve willshift left.b. The firm will produce where MR = MC:100/N– 2Q = 2QQ = 25/Nc. 25/N = 100/N–PP = 75/Nd. Total revenue = P Q = 75/N 25/N = 1875/N2Total cost = 50 + Q2 = 50 + (25/N)2 = 50 + 625/N2Profit = 1875/N2– 625/N2– 50 = 1250/N2– 50e. In the long run, profit will be zero. Thus:1250/N2– 50 = 01250/N2 = 50N = 58. Figure 5 shows the cost, marginal revenue and demand curves for the firm under both conditions.Figure 5a. The price will fall from P MC to the minimum average total cost (P C) when the market becomesperfectly competitive.b. The quantity produced by a typical firm will rise to Q C, which is at the efficient scale of output.c. Average total cost will fall as the firm increases its output to the efficient scale.d. Marginal cost will rise as output rises. Marginal cost is now equal to price.e. Profit will not change. In either case, the market will move to long-run equilibrium where allfirms will earn zero economic profit.9. a. A family-owned restaurant would be more likely to advertise than a family-owned farm becausethe output of the farm is sold in a perfectly competitive market, in which there is no reason toadvertise, while the output of the restaurant is sold in a monopolistically competitive market.b. A manufacturer of cars is more likely to advertise than a manufacturer of forklifts because thereis little difference between different brands of industrial products like forklifts, while there aregreater perceived differences between consumer products like cars. The possible return toadvertising is greater in the case of cars than in the case of forklifts.c. A company that invented a very comfortable razor is likely to advertise more than a companythat invented a less comfortable razor that costs the same amount to make because thecompany with the very comfortable razor will get many repeat sales over time to cover the cost of the advertising, while the company with the less comfortable razor will not.10. a. Figure 6 shows Sleek’s demand, marginal-revenue, marginal-cost, and average-total-cost curves.The firm will maximize profit at an output level of Q * and a price of P *. The shaded are shows the firm’s profits.Figure 6b. In the long run, firms will enter, shifting the demand for Sleek’s product to the left. Its price andoutput will fall. Firms will enter until profits are equal to zero (as shown in Figure 7).Figure 7c. As consumers become more focused on the stylistic differences in brands, they will be lessfocused on price. This will make the demand for each firm’s products more price inelastic. The demand curves may become relatively steeper, allowing Sleek to charge a higher price. If these stylistic features cannot be copied, they may serve as a barrier to entry and allow Sleek to earn profit in the long run.d. A firm in monopolistic competition produces where marginal revenue is greater than zero. Thismeans that firm must be operating on the elastic portion of its demand curve.。
曼昆经济学原理英文书
曼昆经济学原理英文书The Economics Principles by MankiwChapter 1: Ten Principles of EconomicsChapter 2: Thinking Like an EconomistChapter 3: Interdependence and the Gains from Trade Chapter 4: The Market Forces of Supply and Demand Chapter 5: Elasticity and Its ApplicationChapter 6: Supply, Demand, and Government Policies Chapter 7: Consumers, Producers, and Efficiency of Markets Chapter 8: Application: The Costs of TaxationChapter 9: Application: International TradeChapter 10: ExternalitiesChapter 11: Public Goods and Common Resources Chapter 12: The Design of the Tax SystemChapter 13: The Costs of ProductionChapter 14: Firms in Competitive MarketsChapter 15: MonopolyChapter 16: Monopolistic CompetitionChapter 17: OligopolyChapter 18: The Markets for Factors of Production Chapter 19: Earnings and DiscriminationChapter 20: Income Inequality and PovertyChapter 21: Introduction to MacroeconomicsChapter 22: Measuring a Nation's IncomeChapter 23: Measuring the Cost of LivingChapter 24: Production and GrowthChapter 25: Saving, Investment, and the Financial System Chapter 26: The Basic Tools of FinanceChapter 27: UnemploymentChapter 28: The Monetary SystemChapter 29: Money Growth and InflationChapter 30: Open-Economy Macroeconomics: Basic Concepts Chapter 31: A Macroeconomic Theory of the Open Economy Chapter 32: Aggregate Demand and Aggregate SupplyChapter 33: The Influence of Monetary and Fiscal Policy on Aggregate DemandChapter 34: The Short-Run Trade-Off between Inflation and UnemploymentChapter 35: The Theory of Consumer ChoiceChapter 36: Frontiers of MicroeconomicsChapter 37: Monopoly and Antitrust PolicyChapter 38: Oligopoly and Game TheoryChapter 39: Externalities, Public Goods, and Environmental Policy Chapter 40: Uncertainty and InformationChapter 41: Aggregate Demand and Aggregate Supply Analysis Chapter 42: Understanding Business CyclesChapter 43: Fiscal PolicyChapter 44: Money, Banking, and Central BankingChapter 45: Monetary PolicyChapter 46: Inflation, Disinflation, and DeflationChapter 47: Exchange Rates and the International Financial SystemChapter 48: The Short - Run Trade - Off between Inflation and Unemployment RevisitedChapter 49: Macroeconomic Policy: Challenges in the Twenty - First CenturyEpilogue: 14 Big IdeasNote: The chapter titles have been abbreviated for simplicity and brevity purposes.。
曼昆15
MONOPOLYWHAT’S NEW:There is a new In the News box on ―Public Transport and Private Enterprise.‖LEARNING OBJECTIVES:By the end of this chapter, students should understand:why some markets have only one seller.how a monopoly determines the quantity to produce and the price to charge.how the monopoly’s decisions affect economic well-being.the various public policies aimed at solving the problem of monopoly.why monopolies try to charge different prices to different customers.KEY POINTS:1. A monopoly is a firm that is the sole seller in its market. A monopoly arises when a singlefirm owns a key resource, when the government gives a firm the exclusive right to produce a good, or when a single firm can supply the entire market at a lower cost than many firms could.2.Because a monopoly is the sole producer in its market, it faces a downward-sloping demandcurve for its product. When a monopoly increases production by one unit, it causes the price of its good to fall, which reduces the amount of revenue earned on all units produced. As a result, a monopoly’s marginal revenue is always below the price of its good.3.Like a competitive firm, a monopoly firm maximizes profit by producing the quantity at whichmarginal revenue equals marginal cost. The monopoly then chooses the price at which that quantity is demanded. Unlike a competitive firm, a monopoly firm’s price exceeds itsmarginal revenue, so its price exceeds marginal cost.4. A monopolist’s profit-maximizing level of output is below the level that maximizes the sum ofconsumer and producer surplus. That is, when the monopoly charges a price above marginalHarcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.2 CHAPTER 15 – MONOPOLYHarcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.cost, some consumers who value the good more than its cost of production do not buy it. As a result, monopoly causes deadweight losses similar to the deadweight losses caused by taxes.5. Policymakers can respond to the inefficiency of monopoly behavior in four ways. They canuse the antitrust laws to try to make the industry more competitive. They can regulate the prices that the monopoly charges. They can turn the monopolist into a government-run enterprise. Or, if the market failure is deemed small compared to the inevitable imperfections of policies, they can do nothing at all.6. Monopolists often can raise their profits by charging different prices for the same good basedon the buyer’s willingness to pay. This practice of price discrimination can raise economic welfare by getting the good to some consumers who otherwise would not buy it. In the extreme case of perfect price discrimination, the deadweight losses of monopoly arecompletely eliminated. More generally, when price discrimination is imperfect, it can either raise or lower welfare compared to the outcome with a single monopoly price.CHAPTER OUTLINE:I. A competitive firm is a price taker; a monopoly firm is a price maker.II. Why Monopolies Arise A.Definition of Monopoly: a firm that is the sole seller of a product without close substitutes.B.The fundamental cause of monopoly is barriers to entry. 1.Monopoly Resources a.A monopoly could have sole ownership or control of a key resource that is used in the production of the good.b.Case Study: The DeBeers Diamond Monopoly – this firm controlsabout 80 percent of the diamonds in the world.2.Government-Created Monopolies a.Monopolies can arise because the government grants one person or one firm the exclusive right to sell some good or service.b.Patents are issued by the government to give firms the exclusive right to produce a product for 20 years.3. Natural Monopolies a. Definition of Natural Monopoly: a monopoly that arisesbecause a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms.CHAPTER 15 – MONOPOLY 3Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.b.A natural monopoly occurs when there are economies of scale, implying that average total cost falls as the firm’s scale becomes larger.III. How Monopolies Make Production and Pricing DecisionsA.Monopoly Versus Competition1. The key difference between a competitive firm and a monopoly is the mo nopoly’s ability to control price.2.The demand curves that each of these types of firms faces is different as well.a.A competitive firm faces a perfectly elastic demand at themarket price. The firm can sell all that it wants to at this price.b.A monopoly faces the market demand curve because it is the only seller in the market. If a monopoly wants to sell more output, it must lower the price of its product.B. A Monopoly’s Revenue1. Example: sole producer of water.2.A monopoly’s marginal revenue will always be less than the pric e of the good (other than at the first unit sold).a.If the monopolist sells one more unit, his total revenue (P H Q) will rise because Q is getting larger. This is called the output effect.4 CHAPTER 15 – MONOPOLYb. If the monopolist sells one more unit, he must lower price. Thismeans that his total revenue (P H Q) will fall because P isgetting smaller. This is called the price effect.c. Note that, for a competitive firm, there is no price effect.3. When graphing the firm’s demand and marginal revenue curve, they always startat the same point (because P = MR for the first unit sold); for every other levelof output, marginal revenue lies below the demand curve (because MR < P).Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.CHAPTER 15 – MONOPOLY5Harcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.C. Profit Maximization1.The monopolist’s profit -maximizing quantity of output occurs wheremarginal revenue is equal to marginal cost. a. If the firm’s ma rginal revenue is greater than marginal cost, profit can be increased by raising the level of output.b.If the firm’s marginal revenue is less than marginal cost, profit can be increased by lowering the level of output.2.Even though MR = MC is the profit-maximizing rule for both competitive firms and monopolies, there is one important difference. a.In competitive firms, P = MR; at the profit-maximizing level of output, P = MC.b.In a monopoly, P > MR; at the profit maximizing level of output, P > MC.3. The monopolist’s price is determined by the demand curve (which shows us the willingness to pay of consumers).6CHAPTER 15 – MONOPOLYHarcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.D. FYI: Why a Monopoly Does Not Have a Supply Curve1. A supply curve tells us the quantity that a firm chooses to supply at anygiven price.2. But a monopoly firm is a price maker; the firm sets the price at the sametime it chooses the quantity to supply.3. It is the market demand curve that tells us how much the monopolist willsupply because the shape of the demand curve determines the shape of the marginal revenue curve (which gives us the profit-maximizing level of output).E. A Monopoly’s Profit1. Again, we can find profit using the following:Profit = TR – TC.2. Because TR = P H Q and TC = ATC H Q, we can rewrite this equation:Profit = (P – ATC) H Q.CHAPTER 15 – MONOPOLY 7Harcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.F. Case Study: Monopoly Drugs Versus Generic Drugs1. The market for pharmaceutical drugs takes on both monopolycharacteristics and competitive characteristics.2. When a firm discovers a new drug, patent laws give the firm a monopolyon the sale of that drug. However, the patent eventually expires and any firm can make the drug, which causes the market to become competitive.3. Analysis of the pharmaceutical industry has shown us that prices ofdrugs fall after patents expire and new firms begin production of that drug.IV. The Welfare Cost of MonopolyA. The Deadweight Loss1. The socially efficient quantity of output is found where the demand curveand the marginal cost curve intersect. This is where total surplus is maximized.8CHAPTER 15 – MONOPOLYHarcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.2.Because the monopolist sets marginal revenue equal to marginal cost to determine its output level, it will produce less than the socially efficient quantity of output.3.The deadweight loss can be seen on the graph as the area between the demand and marginal cost curves for the units between Q monopoly and Q efficient .B.The Monopoly’s Profit: A Social Cost?1. Welfare includes the welfare of both consumers and producers.2.The transfer of surplus from consumers to producers is therefore not a social loss.3.The deadweight loss from monopoly stems from the fact that monopolies produce less than the socially efficient level of output.4.However, if the monopoly incurs costs to maintain (or create) its monopoly power, those costs would be included in deadweight loss.V. Public Policies Toward Monopolies A.Increasing Competition with Antitrust Laws 1.Antitrust laws are a collection of statutes that give the government the authority to control markets and promote competition.a.The Sherman Antitrust Act was passed in 1890 to lower the market power of the large and powerful ―trusts‖ that were viewed as dominating the economy at that time.CHAPTER 15 – MONOPOLY9Harcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.b.The Clayton Act was passed in 1914; it strengthened the government’s ability to curb monopoly power and authorized private lawsuits.2.Antitrust laws allow the government to prevent mergers and break up large, dominating companies.B.Regulation1.Regulation is often used when the government is dealing with a naturalproduct.3.While we might believe that the government can eliminate thedeadweight loss from monopoly by setting the monopolist’s price equal to its marginal cost, this is often difficult to do.a.If the firm is a natural monopoly, its average total cost curve will be declining because of its economies of scale.b.When average total cost is falling, marginal cost must be lower than average total cost.c.Therefore, if the government sets price equal to marginal cost, the price will be below average total cost and the firm will earn a loss, causing the firm to eventually leave the market.4.Therefore, governments may choose to set the price of the monopolist’s product equal to its average total cost. This gives the monopoly zero profit, but assures that it will remain in the market. Note that there is still a deadweight loss in this situation because the level of output will be lower than the socially efficient level of output.C.Public Ownership1.Rather than regulating a monopoly run by a private firm, the government can run the monopoly itself.2.However, economists generally prefer private ownership of natural monopolies than public ownership.D. Do Nothing 1.Sometimes the costs of government regulation outweigh the benefits.10CHAPTER 15 – MONOPOLYHarcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.2.Therefore, some economists believe that it is best for the government to leave monopolies alone.E.In the News: Public Transport and Private Enterprise1.In New York, thousands of illegal drivers of buses and taxi-cabs provide transportation services that are often cheaper and preferred to the government-provided (or licensed) services.2.This is an article from The New York Times Magazine describing this situation.VI. Price Discrimination A.Definition of Price Discrimination: the business practice of selling the same good at different prices to different customers.B.A Parable About Pricing 1. Example: Readalot Publishing Company2. The firm pays an author $2 million for the right to publish a book. (Assume that the cost of printing the book is zero.)3.The firm knows that there are two types of readers. a. There are 100,000 die-hard fans of the author willing to pay up to $30 for the book.b.There are 400,000 other readers who will be willing to pay up to $5 for the book.4.So, how should the firm set its price?a.If the firm sets its price equal to $30, it will sell 100,000 copies of the book, receive total revenue of $3 million, and earn $1 million in profit.b.If the firm sets its price equal to $5, it will sell 500,000 copies, receive total revenue of $2.5 million, and earn only $500,000 in profit.c.It will choose to set its price at $30 and sell 100,000 books. Note that there is a deadweight loss from this decision because there are 400,000 other customers willing to pay more ($5) than the marginal cost of producing the book ($0).5.However, if there was a way to guarantee that the readers willing to pay $30 could not buy a copy of the book from those willing to pay $5 (if they lived far away from one another), the company could make even more profit by selling 100,000 copies to the die-hard fans at $30 each, and then selling 400,000 copies to the other readers for $5 each.a. The total revenue from selling 100,000 copies at $30 each is $3million.b. The total revenue from selling 400,000 copies at $5 each is $2million.c. Giv en that the firm’s costs are $2 million, profit will be $3 million.C. The Moral of the Story1. By charging different prices to different customers, a monopoly firm canincrease its profit.2. To price discriminate, a firm must be able to separate customers by theirwillingness to pay.3. Arbitrage (the process of buying a good in one market at a low price andthen selling it in another market at a higher price) will limit amonopolist’s ability to price discriminate.4. Price discrimination can increase economic welfare. Producer surplusrises (because price exceeds marginal cost for all of the units sold) whileconsumer surplus is unchanged (because price is equal to theconsumers’ willingness to pay).D. The Analytics of Price Discrimination1. Perfect price discrimination describes a situation where a monopolistknows exactly the willingness to pay of each customer and can chargeeach customer a different price.2. Without price discrimination, a firm produces an output level that islower than the socially efficient level.3. If a firm perfectly price discriminates, each customer who values thegood at more than its marginal cost will purchase the good and becharged his or her willingness to pay.a. There is no deadweight loss in this situation.b. Because consumers pay a price exactly equal to their willingnessto pay, all surplus in this market will be producer surplus.E. Examples of Price Discrimination1. Movie Tickets2. Airline Prices3. Discount Coupons4. Financial Aid5. Quantity DiscountsHarcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.VII. In the News: The Best MonopolistA. This is an article from The Wall Street Journal comparing five differentmonopolies.B. The National Collegiate Athletic Association (NCAA) was chosen as the bestmonopoly in America.ADJUNCT TEACHING TIPS AND WARM-UP ACTIVITIES:1.Make a secret agreement with a student who is a good actor well before the class in whichmonopoly will be taught. Give the student four blue books or opscan sheets used for taking examinations. On the day you cover monopoly, announce that there will be a pop quiz and everyone must have a blue book (or opscan form). There will be a lot of complaining, no doubt. Your accomplice should get out one of the blue books at this time and prepare to take the quiz. Notice this. Ask the student if he or she has any extras. Allow the student to set a price (suggest $5 or more ahead of time) and sell the blue books to interested students.Some students will still complain, saying that they cannot afford to buy one.Ask how many students are willing to pay $5 for the blue book if it means failing the quiz without it. While handing your accomplice even more blue books, announce that he or she is now the designated government provider of blue books. Reduce the price some, but make sure that it is clear that your accomplice must cover his costs (such as the extra soda he will have to buy after he exerts himself walking to the student bookstore to replenish his supply and the salary of the helper he’ll need to carry his books to and from class while he carries the blue books).Now give plenty of blue books to two other people in class and ask how much they willcharge. Keep giving away blue books to the new producers until one of them announces a lower price. Let the price continue to fall until you discover the market equilibrium price in a competitive market. As you teach this chapter, continue to connect this experience to what the students are learning.SOLUTIONS TO TEXT PROBLEMS:Quick Quizzes1. A market might have a monopoly because: (1) a key resource is owned by a single firm;(2) the government gives a single firm the exclusive right to produce some good; and (3)the costs of production make a single producer more efficient than a large number ofproducers.Examples of monopolies include: (1) the water producer in a small town, which owns akey resource, the one well in town; (2) pharmaceutical companies who are given apatent on a new drug by the government; and (3) a bridge, which is a natural monopolybecause (if the bridge is uncongested) having just one bridge is efficient. Many otherexamples are possible.2. A monopolist chooses the amount of output to produce by finding the quantity at whichmarginal revenue equals marginal cost. It finds the price to charge by finding the pointon the demand curve at that quantity.3. A monopolist produces a quantity of output that’s less than the quantity of output thatmaximizes total surplus because it produces the quantity at which marginal cost equalsmarginal revenue rather than the quantity at which marginal cost equals price.4. Policymakers can respond to the inefficiencies caused by monopolies in one of four ways:(1) by trying to make monopolized industries more competitive; (2) by regulating thebehavior of the monopolies; (3) by turning some private monopolies into publicenterprises; and (4) by doing nothing at all. Antitrust laws prohibit mergers of largecompanies and prevent them from coordinating their activities in ways that makemarkets less competitive, but such laws may keep companies from merging to gain from synergies. Some monopolies, especially natural monopolies, are regulated by thegovernment, but it’s hard to keep a monopoly in business, achieve marginal-cost pricing, and give the monopolist incentive to reduce costs. Private monopolies can be taken over by the government, but the companies aren’t likely to be well run. Sometimes doingnothing at all may seem to be the best solution, but there are clearly deadweight lossesfrom monopoly that society will have to bear.5. Examples of price discrimination include: (1) movie tickets, for which children and seniorcitizens get lower prices; (2) airline prices, which are different for business and leisuretravelers; (3) discount coupons, which lead to different prices for people who value their time in different ways; (4) financial aid, which offers college tuition at lower prices topoor students and higher prices to wealthy students; and (5) quantity discounts, whichoffer lower prices for hi gher quantities, capturing more of a buyer’s willingness to pay.Many other examples are possible.Perfect price discrimination reduces consumer surplus, increases producer surplus by the same amount, and has no effect on total surplus, compared to a competitive market.Compared to a monopoly that charges a single price, perfect price discrimination reduces consumer surplus, increases producer surplus, and increases total surplus, since there’sno deadweight loss.Questions for Review1. An example of a government-created monopoly comes from the existence of patent andcopyright laws. Both allow firms or individuals to be monopolies for extended periods oftime—20 years for patents, forever for copyrights. But this monopoly power is good,because without it, no one would write a book (because anyone could print copies of it,so the author would get no income) and no firm would invest in research anddevelopment to invent new products or drugs (since any other company could produceor sell them, and the firm would get no profit from its investment).2. An industry is a natural monopoly when a single firm can supply a good or service to anentire market at a smaller cost than could two or more firms. As a market grows it mayevolve from a natural monopoly to a competitive market.3. A monopolist's marginal revenue is less than the price of its product because: (1) itsdemand curve is the market demand curve, so (2) to increase the amount sold, theHarcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.monopolist must lower the price of its good for every unit it sells, so (3) this cut in prices reduces revenue on the units it was already selling.A monopolist's marginal revenue can be negative because to get purchasers to buy anadditional unit of the good, the firm must reduce its price on all units of the good. Thefact that it sells a greater quantity increases revenue, but the decline in price decreasesrevenue. The overall effect depends on the elasticity of the demand curve. If thedemand curve is inelastic, marginal revenue will be negative.4. Figure 15-1 shows the demand, marginal-revenue, and marginal-cost curves for amonopolist. The intersection of the marginal-revenue and marginal-cost curvesdetermines the profit-maximizing level of output, Q m. The demand curve then shows the profit-maximizing price, P m.Figure 15-15. The level of output that maximizes total surplus in Figure 15-1 is where the demandcurve intersects the marginal-cost curve, Q c. The deadweight loss from monopoly is the triangular area between Q c and Q m that's above the marginal-cost curve and below thedemand curve. It represents deadweight loss, since society loses total surplus becauseof monopoly, equal to the value of the good (measured by the height of the demandcurve) less the cost of production (given by the height of the marginal-cost curve), forthe quantities between Q m and Q c.6. The government has the power to regulate mergers between firms because of antitrustlaws. Firms might want to merge to increase operating efficiency and reduce costs,something that's good for society, or to gain monopoly power, which is bad for society.7. When regulators tell a natural monopoly that it must set price equal to marginal cost,two problems arise. The first is that, because a natural monopoly has a constantmarginal cost that's less than average cost, setting price equal to marginal cost meansthat the price is less than average cost, so the firm will lose money. The firm would exit the industry unless the government subsidized it, but getting revenue for such a subsidy would cause the government to raise other taxes, increasing their deadweight loss. The second problem is that it gives the monopoly no incentive to reduce costs.8. One example of price discrimination is in publishing books. Publishers charge a muchhigher price for hardback books than for paperback books—far higher than the difference in production costs. Publishers do this because die-hard fans will pay more for ahardback book when the book is first released. Those who don't value the book ashighly will wait for the paperback version to come out. The publisher makes greaterprofit this way than if it charged just one price.A second example is the pricing of movie tickets. Theaters give discounts to children andsenior citizens because they have a lower willingness to pay for a ticket. Chargingdifferent prices helps the theater increase its profit above what it would be if it chargedjust one price.Problems and Applications1. The following table shows revenue, costs, and profits, where quantities are in thousands,and total revenue, total cost, and profit are in millions of dollars:a. A profit-maximizing publisher would choose a quantity of 400,000 at a price of$60 or a quantity of 500,000 at a price of $50; both combinations would lead toprofits of $18 million.b. Marginal revenue is always less than price. Price falls when quantity risesbecause the demand curve slopes downward, but marginal revenue falls evenmore than price because the firm loses revenue on all the units of the good soldwhen it lowers the price.c. Figure 15-2 shows the marginal-revenue, marginal-cost, and demand curves.The marginal-revenue and marginal-cost curves cross between quantities of400,000 and 500,000. This signifies that the firm maximizes profits in thatregion.Harcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.Figure 15-2d. The area of deadweight loss is marked ―DWL‖ in the figure. Deadwei ght lossmeans that the total surplus in the economy is less than it would be if the market were competitive, since the monopolist produces less than the socially efficientlevel of output.e. If the author were paid $3 million instead of $2 million, the publisher wouldn’tchange the price, since there would be no change in marginal cost or marginalrevenue.f. To maximize economic efficiency, the publisher would set the price at $10 perbook, since that’s the marginal cost of the book. At that price, the publisherwould have negative profits equal to the amount paid to the author.Figure 15-32. Figure 15-3 illustrates a natural monopolist setting price, P ATC, equal to average total cost.The equilibrium quantity is Q ATC. Marginal cost pricing would yield the price P MC andquantity Q MC. Since for quantities between Q ATC and Q MC the benefit to consumers(measured by the demand curve) exceeds the cost of production (measured by themarginal cost curve), the deadweight loss from setting price equal to average total costis the triangular area shown in the figure.3. Mail delivery has an always-declining average-total-cost curve, since there are large fixedcosts for equipment. The marginal cost of delivering a letter is very small. However, the costs are higher in isolated rural areas than they are in densely populated urban areas,since transportation costs differ. Over time, increased automation has reduced marginalcost and increased fixed costs, so the average-total-cost curve has become steeper atsmall quantities and flatter at high quantities.4. If the price of tap water rises, the demand for bottled water increases. This is shown inFigure 15-4 as a shift to the right in the demand curve from D1 to D2. The corresponding marginal-revenue curves are MR1 and MR2. The profit-maximizing level of output iswhere marginal cost equals marginal revenue. Prior to the increase in the price of tapwater, the profit-maximizing level of output is Q1; after the price increase, it rises to Q2.The profit-maximizing price is shown on the demand curve: it is P1 before the price oftap water rises, and it rises to P2 after. Average cost is AC1 before the price of tap water rises and AC2 after. Profit increases from (P1 - AC1) x Q1 to (P2 - AC2) x Q2.Figure 15-45. a. Figure 15-5 illustrates the market for groceries when there are many competingsupermarkets with constant marginal cost. Output is Q C, price is P C, consumersurplus is area A, producer surplus is zero, and total surplus is area A.b. If the supermarkets merge, Figure 15-6 illustrates the new situation. Quantitydeclines from Q C to Q M and price rises to P M. Area A in Figure 15-5 is equal toarea B+C+D+E+F in Figure 15-6. Consumer surplus is now area B+C, producersurplus is area D+E, and total surplus is area B+C+D+E. Consumers transferthe amount of area D+E to producers and the deadweight loss is area F.Harcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.。
monopolisticcompetition 曼昆 微观经济学
• Oligopoly
• Only a few sellers, each offering a similar or identical product to the others.
Copyright © 2004 South-Western
Figure 2 A Monopolistic Competitor in the Long Run
Price
MC ATC
P = ATC
MR
0 Profit-maximizing quantity
Demand
Quantity
Copyright©2003 Southwestern/Thomson Learning
Few firms
Differentiated products
Identical products
Oligopoly (Chapter 16)
• Tennis balls • Crude oil
Monopolistic Competition (Chapter 17)
• Novels • Movies
Copyright © 2004 South-Western
Figure 1 Monopolistic Competitors in the Short Run
Price Losses
(b) Firm Makes Losses
MC ATC
Average total cost
Price
MR
0
Loss-
• The Monopolistically Competitive Firm in the Short Run
曼昆《经济学原理》monopoly(汉魅HanMei—经济金融类汇总分享)
Copyright © 2004 South-Western
Monopoly Resources
• Although exclusive ownership of a key resource is a potential source of monopoly, in practice monopolies rarely arise for this reason.
Copyright © 2004 South-Western
Government-Created Monopolies
• Patent and copyright laws are two important examples of how government creates a monopoly to serve the public interest.
• it is the sole seller of its product. • its product does not have close substitutes.
Copyright © 2004 South-Western
WHY MONOPOLIES ARISE
• The fundamental cause of monopoly is barriers to entry.
Figure 1 Economies of Scale as a Cause of Monopoly
Cost
Average total cost
0 Quantity of Output
Copyright © 2004 SБайду номын сангаасuth-Western
HOW MONOPOLIES MAKE PRODUCTION AND PRICING DECISIONS
曼昆版微观经济学 西方经济学
Answers
1:
Cost of fixing transmission = $600
A. Blue book value is $6500 if transmission works, $5700 if it doesn’t
Benefit of fixing the transmission = $800 ($6500 – 5700).
society’s members
Tradeoff: To increase equity, can redistribute
income from the well-off to the poor. But this reduces the incentive to work and produce, and shrinks the size of the economic “pie.”
Society faces an important tradeoff:
efficiency vs. equity
efficiency: getting the most out of scarce
resources
equity: distributing prosperity fairly among
CHAPTER 1
TEN PRINCIPLES OF ECONOMICS
6
HOW PEOPLE MAKE DECISIONS
Principle #2: The Cost of Something Is What You Give Up to Get It
Examples: The opportunity cost of…
A. Blue book value is $6500 if transmission works, $5700 if it doesn’t
曼昆《经济学原理(微观经济学分册)》(第6版)笔记(第15章 垄 断)
曼昆《经济学原理（微观经济学分册）》（第6版）第15章垄断复习笔记跨考网独家整理最全经济学考研真题，经济学考研课后习题解析资料库，您可以在这里查阅历年经济学考研真题，经济学考研课后习题，经济学考研参考书等内容，更有跨考考研历年辅导的经济学学哥学姐的经济学考研经验，从前辈中获得的经验对初学者来说是宝贵的财富，这或许能帮你少走弯路，躲开一些陷阱。
以下内容为跨考网独家整理，如您还需更多考研资料，可选择经济学一对一在线咨询进行咨询。
一、垄断产生的原因垄断企业是指一个没有相似替代品的产品的唯一卖者的企业。
垄断产生的基本原因是进入壁垒：垄断企业能在其市场上保持唯一卖者的地位，是因为其他企业不能进入市场并与之竞争。
进入壁垒有三个主要形成原因：第一，垄断资源：生产所需要的关键资源由单个企业所拥有；第二，政府管制：政府给予单个企业排他性地生产某种物品或劳务的权利；第三，生产流程：某个企业能以低于大量生产者的成本生产产品。
1．垄断资源垄断产生的最简单方法是单个企业拥有一种关键的资源。
垄断企业比竞争市场上任何一家企业有大得多的市场势力。
即使产品边际成本很低，垄断企业也可以利用市场势力也可以制定极高的价格。
虽然关键资源的排他性所有权是垄断的一个潜在起因，但实际上垄断很少产生于这种原因。
现实经济如此巨大，且资源由许多人拥有。
由于许多物品可以在国际上交易，它们的市场的自然范围往往很广泛。
因此，拥有没有相近替代品资源的企业的例子很少。
2．创造的垄断在许多情况下，垄断的产生是因为政府给予一个人或一个企业排他性地出售某种物品或劳务的权利，有时垄断产生于想成为垄断者的人的政治影响，还有些时候，政府也会出于公共利益而赋予某种垄断的权利。
专利法和版权法是两个重要的例子。
由于这些法律使一个生产者成为垄断者，所以也就使其价格高于竞争市场上的价格。
通过允许这些垄断生产者收取较高价格并赚取较多利润，这些法律也鼓励了一些合意的行为。
有关专利和版权的法律既有利益也有成本。
微观经济学英文版名词解释超详细
微观经济学名词解释Chapter 1businesscycle 经济周期fluctuations in economic activity, such as employment andproductioneconomi cs 经济学;经济，国家的经济状况the study of how society manages its scarce 缺乏的，罕见的resourcesefficienc y n.功效; 效率，效能; 实力，能力; [物] 性能;the property of society getting the most it can from its scarceresourcesequality n .同等，平等; [数]相等，等式;the property of distributing economic prosperity uniformlyamong the members of societyexternality[,ekst ɜː'næl ɪt ɪ]外部性the uncompensated impact of on e person’s actions on the well-being of a bystander 旁观者; 局外人; 看热闹的人 incentive s omething that induces a person to actInflation [ɪn'fle ɪʃ(ə)n]an increase in the overall level of prices in the economy marginalchangessmall incremental 增加的 adjustments to a plan of actionmarket economyan economy that allocates resources through thedecentralized 权力分散; 人口疏散; 密度分散;decisions of many firms and households as they interact in markets for goods and services market failure a situation in which a market left on its own fails to allocate 分配，分派; 把…拨给;英[ˈæləke ɪt] resources efficiently market powerthe ability of a single economic actor (or small group of actors) to have a substantial influence on market pricesopportunity costwhatever must be given up to obtain some itemproducti vity the quantity of goods and services produced from each unit of labor inputChapter 2circular-flow diagrama visual model of the economy that shows how dollars flowthrough markets among households 家庭; 家庭，户and firms macroeconomics [,mækr əʊi ːk ə'n ɒm ɪks; -ek-]the study of economy-wide phenomena, including inflation, unemployment, and economic growth microeconomics [,ma ɪkr əʊi ːk ə'n ɒm ɪks the study of how households and firms make decisionsand how they interact in marketsnormative['n ɔːm ət ɪv]标准的 statementsclaims that attempt to prescribe 定，规定; 指定，规定;美[pr ɪˈskra ɪb] how the world should be positivestatementsclaims that attempt to describe the world as it isproductionpossibilitiesfrontier['fr ʌnt ɪə）a graph that shows the combinations of output that theeconomy can possibly produce given the available factorsof production and the available production technologyChapter 3absoluteadvantagethe ability to produce a good using fewer inputs than anotherproducercomparati ve advantag ethe ability to produce a good at a lower opportunity cost than another producer exports goods produced domestically 美[d ə'mest ɪkl ɪ】合乎国内的 andsold abroad imports goods produced abroad and sold domestically opportunity cost whatever must be given up to obtain some itemChapter 4competiti ve market a market with many buyers and sellers['sel ə] trading identical 同一的，完全相同的美[a ɪˈd ɛnt ɪk əl] products so that each完全竞争市场buyer and seller is a price taker Complements互补品['kɑmpləmənt]two goods for which an increase in the price of one leads to a decrease in the demand for the otherdemand curve 需求曲线a graph of the relationship between the price of a good and the quantity demandeddemand schedule 需求表a table that shows the relationship between the price of a good and the quantity demandedEquilibrium[,ikwɪ'lɪbrɪəm]均衡a situation in which the market price has reached the level at which quantity supplied equals quantity demandedequilibriu m price 均衡价格the price that balances quantity supplied and quantity demandedequilibriu m quantity the quantity supplied and the quantity demanded at the equilibrium priceinferiorgood劣质品[ɪn'fɪərɪə] a good for which, other things equal, an increase in income leads to a decrease in demandlaw of demand 需求原理the claim that, other things equal, the quantity demanded of a good falls when the price of the good riseslaw of supply 供给原理the claim that, other things equal, the quantity supplied of a good rises when the price of the good riseslaw of supply and demand the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balancemarket a group of buyers and sellers of a particular good or servicenormal good a good for which, other things equal, an increase in income leads to an increase in demand普通商品quantity demande d 需求量the amount of a good that buyers are willing and able to purchasequantitysuppliedthe amount of a good that sellers are willing and able to sell shortage a situation in which quantity demanded is greater than quantity suppliedsubstitute s two goods for which an increase in the price of one leads to an increase in the demand for the othersupply curve a graph of the relationship between the price of a good and the quantity suppliedsupply schedule a table that shows the relationship between the price of a good and the quantity suppliedsurplus ['sɜ:pləs] a situation in which quantity supplied is greater than quantity demandedChapter 5cross-pri ceelasticity of demand 需求交叉弹性是需求交叉价格弹性a measure of how much the quantity demanded of one good responds to a change in the price of another good, computed as the percentage change in quantity demanded of the first good divided by the percentage change in the price of the second goodelasticity [,ilæ'stɪsəti]n .弹性; 弹力; 灵活性; 伸缩性;a measure of the responsiveness of quantity demanded orquantity supplied to one of its determinantsincome elasticity a measure of how much the quantity demanded of a good responds to a change in consumers’ income, computed as theof demand 需求的收入弹性 percentage change in quantity demanded divided by the percentage change in income price elasticity ofdemand 需求价格弹性a measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as the percentage change in quantity demanded divided by the percentage change in pricepriceelasticityof supply供给的价格弹性a measure of how much the quantity supplied of a goodresponds to a change in the price of that good, computed asthe percentage change in quantity supplied divided by thepercentage change in pricetotal revenue (in a market)总收入; 总收益the amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold Chapter 6price ceiling ['si ːl ɪŋ] a legal maximum['mæks ɪm əm] on the price at which a good can be soldprice floora legal minimum on the price at which a good can be soldtaxincidenc e['ɪns ɪd(ə)ns]the manner in which the burden of a tax is shared among participants in a marketChapter 7consumer [k ən'sju ːmə] surplus['s ɜːpl əs]消费者剩余 the amount a buyer is willing to pay for a good minus ['ma ɪn əs] theamount the buyer actually pays for itcostthe value of everything a seller must give up to produce a goodefficiency the property of society getting the most it can from its scarceresources equality the property of distributing economic prosperity uniformly amongthe members of society producer surplus the amount a seller is paid for a good minus the seller’s cost of providing itwelfareeconomicsthe study of how the allocation 美[ˌæləˈke ɪʃn]分配，配给 ofresources affects economic well-beingwillingnes s to pay受益者负担 the maximum amount that a buyer will pay for a goodChapter 8Deadweightloss 无谓损失又为社会净损失the fall in total surplus 过剩的; 多余的[ˈsɜ:rpl əs] that results from a market distortion 变形; 失真[d ɪˈst ɔr ʃən], such as a taxChapter 9tariff n . 关税;关税表; 价格表a tax on goods produced abroad and sold domesticallyworld price the price of a good that prevails in the world market for that goodChapter 10Coasetheorem['θɪər əm]科斯定理the proposition that if private parties can bargain without costover the allocation of resources, they can solve the problem ofexternalities 外在性 on their owncorrectiv e tax 矫 a tax designed to induce private decision makers to take account of the social costs that arise from a negative正税externality externality [,ekstɜː'nælɪtɪ]n .外形; 外在性; 外部事物;（经济学名词）外部效应the uncompensated impact of one person’s actions on thewell-being of a bystanderinternalizing the externalit y 内化altering incentives[ɪn'sɛntɪv] so that people take account of the external effects of their actionstransaction[træn'z ækʃən]交易costs the costs that parties incur in the process of agreeing to and following through on a bargainChapter11clubgoodsgoods that are excludable but not rival in consumptioncommon resource s goods that are rival in consumption but not excludable可排他的; 包括在外的;cost–benefi t analysis 成本效益分析a study that compares the costs and benefits to society of providing a public goodexcludability [ɪks,kluːdə'bɪlətɪ]排他性the property of a good whereby a person can be prevented from using itfree rider a person who receives the benefit of a good but avoids paying[释义]坐享其成，无本获利; for it private goods goods that are both excludable and rival in consumption public goodsgoods that are neither excludable nor rival in consumptionrivalry inconsump tion 消费竞争the property of a good whereby one person’s use diminishes other people’s use Tragedyof theCommon s 公共地悲剧a parable 寓言; 格言; that illustrates why common resources are used more than is desirable from the standpoint of society as a wholeChapter 12ability-to-payprinciple[释义]负担能力原则，付税能力原则;the idea that taxes should be levied on a person according tohow well that person can shoulder the burdenaveragetax ratetotal taxes paid divided by total incomebenefits principle the idea that people should pay taxes based on the benefits they receive from government servicesbudgetdeficit n.预算赤字;a shortfall 亏空; 缺空 of tax revenue from governmentspendingbudgetsurplus 预算结余an excess of tax revenue over government spending horizontal equity 纳税横向均等;the idea that taxpayers with similar abilities to pay taxes should pay the same amountlump-sum tax 总量税a tax that is the same amount for every person marginaltax rate 边际税率the extra taxes paid on an additional dollar of income progressive tax 累进税a tax for which high-income taxpayers pay a larger fraction 分数; 一小部分 of their income than do low-income taxpayersproportional tax 比例税率a tax for which high-income and low-income taxpayers pay thesame fraction of incomeregressive tax 累退税a tax for which high-income taxpayers pay a smaller fraction oftheir income than do low-income taxpayersverticalequity 纵向公平the idea that taxpayers with a greater ability to pay taxesshould pay larger amountsChapter 13accounting profittotal revenue minus total explicit 清楚的，明确的 costaveragefixed costfixed cost divided by the quantity of outputaveragetotal cost total cost divided by the quantity of outputaverage variable costvariable cost divided by the quantity of outputconstantreturns toscalethe property whereby long-run average total cost stays thesame as the quantity of output changesdiminishin gmarginal product 边际产量递减规律the property whereby the marginal product of an input declines as the quantity of the input increases disecono the property whereby long-run average total cost rises as themies ofscale 规模不经济quantity of output increaseseconomic profit total revenue minus total cost, including both explicit and implicit costseconomie s of scale 规模经济the property whereby long-run average total cost falls as the quantity of output increasesefficientscale最小有效规模the quantity of output that minimizes average total costexplicitcostsinput costs that require an outlay of money by the firmfixedcosts固定成本costs that do not vary with the quantity of output producedimplicitcosts隐性成本input costs that do not require an outlay of money by the firmmarginal cost边际成本the increase in total cost that arises from an extra unit of productionmarginal product the increase in output that arises from an additional unit of inputproductio n function the relationship between the quantity of inputs used to make a good and the quantity of output of that goodprofit total revenue minus total costtotal cost the market value of the inputs a firm uses in production totalrevenue(for firm)the amount a firm receives for the sale of its outputvariablecosts[释义]变动成本;costs that vary with the quantity of output producedChapter14average total revenue divided by the quantity soldrevenuecompetiti ve marketa market with many buyers and sellers trading identical products so that each buyer and seller is a price taker marginal revenuethe change in total revenue from an additional unit sold sunkcost 沉没成本 a cost that has already been committed and cannot be recoveredChapter15monopoly[mə'n ɒp(ə)l ɪ]a firm that is the sole seller of a product without close substitutes naturalmonopoly n.垄断; 专卖; 垄断者; 专利品;a monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms price discrimina tionthe business practice of selling the same good at different prices to different customersChapter16 monopolistic competiti on 垄断竞争市场a market structure in which many firms sell products that are similar but not identical oligopoly求过于供的市场情况;a market structure in which only a few sellers offer similar or identical productsChapter17经>卡特尔，企业联合a group of firms acting in unison ['juːnɪs(ə)n]collusion an agreement among firms in a market about quantities to produce or prices to charge<经>卡特尔，企业联合a strategy that is best for a player in a game regardless of the strategies chosen by the other playersgametheorythe study of how people behave in strategic situations GDPdeflator[d i'fleitə]GDP缩减指数a measure of the price level calculated as the ratio of nominal GDP to real GDP times 100Nash equilibriu m 纳什均衡a situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosenoligopoly[ ,ɑlə'gɑpəli] 寡头a market structure in which only a few sellers offer similar or identical productsprisoners’ dilemma [dɪˈlemə囚徒困境”是1950年美国兰德公司提出的博弈论模型a particular “game” between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficialChapter18capital the equipment and structures used to produce goods and servicesdiminishing marginal product the property whereby the marginal product of an input declines as the quantity of the input increases递减规律factors ofproductionthe inputs used to produce goods and servicesmarginal product of labor the increase in the amount of output from an additional unit of laborproducti on function the relationship between the quantity of inputs used to make a good and the quantity of output of that goodvalue ofthemarginal边际价值productthe marginal product of an input times the price of the outputChapter19compensating differential 补偿微分a difference in wages that arises to offset the non-monetary characteristics of different jobsdiscrimination[dɪ,skr ɪmɪ'neɪʃ(ə)n] ;歧视the offering of different opportunities to similar individuals who differ only by race, ethnic group, sex, age, or other personal characteristicsefficiency wages 效率工资above- equilibrium平衡，均势; 平静ˌ[ikwəˈlɪbriəm] wages paid by firms to increase worker productivityhuman capital*人力资本the knowledge and skills that workers acquire through education, training, and experiencestriken .攻击; 罢工[课，市];发现the organized withdrawal移开; 撤回of labor from a firm by aunionunion a worker association that bargains with employers over wages, benefits, and working conditions。
微观经济学原理(第七版)-曼昆-名词解释(带英文)
微观经济学原理曼昆名词解释1.需求价格弹性(price elasticity of demand)：2.蛛网模型（）：对于生产周期较长的商品供给的时滞性，需求的不是动态模型分类，画图3.|4.边际效用递减（diminishing marginal utility）——基数效用论不违反边际效用递减规律。
因为边际效用是指物品的消费量每增加(或减少)一个单位所增加(或减少)的总效用的量。
这里的“单位”是指一完整的商品单位，这种完整的商品单位，是边际效用递减规律有效性的前提。
比如，这个定律适用于一双的鞋子，但不适用于单只的鞋子。
对于四轮车而言，必须是有四个轮子的车才成为一单位。
三个轮子不能构成一辆四轮车，因而每个轮子都不是一个有效用的物品，增加一个轮子，才能使车子有用。
因此，不能说第四个轮子的边际效用超过第三个轮子（2）特征：凸向原点越远越大不相交6.边际替代率(marginal rate of ：——序数效用论7.预算线（Budget line/ budget constraint）8.吉芬物品(Giffen good)：价格上升引起需求量增加的物品。
9.柯布道格拉斯生产函数稀缺性（scarcity）：社会资源的有限性。
\经济学(economics)：研究社会如何管理自己的稀缺资源。
效率(efficiency)：社会能从其稀缺资源中得到最多东西的特性。
平等(equality)：经济成果在社会成员中公平分配的特性。
机会成本(opportunity cost)：为了得到某种东西所必须放弃的东西。
理性人(rational people)：系统而有目的地尽最大努力实现起目标的人。
【边际变动(marginal change)：对行动计划微小的增量调整。
激励(incentive)：引起一个人做出某种行为的某种东西。
市场经济(market economy)：当许多企业和家庭在物品与劳务市场上相互交易时，通过他们的分散决策配置资源的经济。
微观经济学双语完全垄断市场CHMonopolyPPT课件
Monopoly
Content
Monopoly and How It Arises Single-Price Monopoly Price Discrimination Government Intervention
8.1 Monopoly and How It Arises
A monopoly that is able to sell different units of a good or service for different prices
8.2 Single-Price Monopoly
8.2.1 Price and Marginal Revenue
Because in a monopoly there is only one firm, the
8.2.3 Output and Price Decision
Short-Run Equilibrium
Condition: MR = MC Price Decision: Using the demand curve and finding the highest price at which it can sell the profit-maximizing output
Comparison of industrial water prices in some cities of China
firm’s demand curve is the market demand curve P
A single-price monopoly’s marginal revenue curve is not its demand curve
As long as the output is positive, the marginal revenue is less than the price
曼昆微观经济学英文版15monopoly
• Monopoly
• • • • • • • • Is the sole producer Faces a downward-sloping demand curve Is a price maker Reduces price to increase sales Is one of many producers Faces a horizontal demand curve Is a price taker Sells as much or as little at same price
Copyright © 2004 South-Western
Figure 4 Profit Maximization for a Monopoly
Costs and Revenue
2. . . . and then the demand curve shows the price consistent with this quantity. B
Copyright © 2004 South-Western
A Monopoly’s Profit
• Profit equals total revenue minus total costs.
• Profit = TR - TC • Profit = (TR/Q - TC/Q) Q • Profit = (P - ATC) Q
• The output effect—more output is sold, so Q is higher. • The price effect—price falls, so P is lower.
Copyright © 2004 South-Western
曼昆经济学原理Chapter15垄断 中英文笔记
Chapter 15 Monopoly 垄断§1. 垄断Monopoly一．对比竞争企业是价格接受者，垄断企业是价格制定者。
a competitive firm is a price taker, a monopoly firm is a price maker二．定义垄断企业：作为一种没有相近替代品的产品的唯一卖者的企业A firm is considered a monopoly if it is the sole seller of its product & its product does not have close substitutes. 如果一个企业是其产品唯一的卖者，而且如果其产品并没有相近的替代品，这个企业就是垄断者。
§2. 为什么会产生垄断Why Monopolies Arise一．（1）垄断的基本原因fundamental cause：进入障碍barriers to entry（2）进入障碍的三个主要来源Barriers to entry have three sources1.垄断资源：生产所需要的关键资源由一家企业拥有Ownership of a key resource.2.政府管制：政府给予一个企业排他性地生产某种产品或服务的权利The government gives a single firm the exclusive right to produce some good.3.生产流程：生产成本使一个生产者比大量生产者更有效率Costs of production make a single producer more efficient than a large number of producers.二．垄断资源Monopoly Resources虽然关键资源的排他性所有权是垄断的一个潜在原因，但垄断很少产生于这种原因Although exclusive ownership of a key resource is a potential source of monopoly, in practice monopolies rarely arise for this reason.三．政府制造的垄断Government-Created Monopolies1.政府给予一个企业排他性地出售某种物品或劳务的权利，限制其他企业进入市场，从而造成垄断。
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
• The demand curve is downward sloping. • When a monopoly drops the price to sell one more unit, the revenue received from previously sold units also decreases.
Copyright © 2004 South-Western
Government-Created Monopolies
• Governments may restrict entry by giving a single firm the exclusive right to sell a particular good in certain markets.
Copyright © 2004 South-Western
Natural Monopolies
• An industry is a natural monopoly when a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms.
Copyright © 2004 South-Western
A Monopoly’s Revenue
• A Monopoly’s Marginal Revenue
• When a monopoly increases the amount it sells, it has two effects on total revenue (P Q).
Copyright © 2004 South-Western
Table 1 A Monopoly’s Total, Average, and Marginal Revenue
Copyright©2004 South-Weenue
• A Monopoly’s Marginal Revenue
Monopoly
15
Copyright©2004 South-Western
• While a competitive firm is a price taker, a monopoly firm is a price maker.
Copyright © 2004 South-Western
• A firm is considered a monopoly if . . .
Price $11 10 9 8 7 6 5 4 3 2 1 0 –1 –2 –3 –4
Marginal revenue 1 2 3 4 5 6 7 8
Demand (average revenue)
Quantity of Water
Copyright © 2004 South-Western
Profit Maximization
Marginal cost
Quantity
Copyright © 2004 South-Western
THE WELFARE COST OF MONOPOLY
• In contrast to a competitive firm, the monopoly charges a price above the marginal cost. • From the standpoint of consumers, this high price makes monopoly undesirable. • However, from the standpoint of the owners of the firm, the high price makes monopoly very desirable.
Copyright © 2004 South-Western
Figure 5 The Monopolist’s Profit
Costs and Revenue Marginal cost Monopoly E price B
Monopoly profit
Average total D cost
Average total cost
C Demand
Marginal revenue
0
QMAX
Quantity
Copyright © 2004 South-Western
A Monopolist’s Profit
• The monopolist will receive economic profits as long as price is greater than average total cost.
Monopoly price
1. The intersection of the marginal-revenue curve and the marginal-cost curve determines the profit-maximizing quantity . . .
Average total cost A
Copyright © 2004 South-Western
Figure 4 Profit Maximization for a Monopoly
Costs and Revenue
2. . . . and then the demand curve shows the price consistent with this quantity. B
• A monopoly maximizes profit by producing the quantity at which marginal revenue equals marginal cost. • It then uses the demand curve to find the price that will induce consumers to buy that quantity.
• The output effect—more output is sold, so Q is higher. • The price effect—price falls, so P is lower.
Copyright © 2004 South-Western
Figure 3 Demand and Marginal-Revenue Curves for a Monopoly
Copyright © 2004 South-Western
A Monopoly’s Profit
• Profit equals total revenue minus total costs.
• Profit = TR - TC • Profit = (TR/Q - TC/Q) Q • Profit = (P - ATC) Q
Copyright © 2004 South-Western
Figure 6 The Market for Drugs
Costs and Revenue
Price during patent life Price after patent expires Marginal revenue 0 Monopoly quantity Competitive quantity Demand
Marginal cost
Demand
Marginal revenue
0
Q
QMAX
Q
Quantity
Copyright © 2004 South-Western
Profit Maximization
• Comparing Monopoly and Competition
• For a competitive firm, price equals marginal cost. P = MR = MC • For a monopoly firm, price exceeds marginal cost. P > MR = MC
(b) A Monopolist’s Demand Curve
Demand
Demand
0
Quantity of Output
0
Quantity of Output
Copyright © 2004 South-Western
A Monopoly’s Revenue
• Total Revenue P Q = TR • Average Revenue TR/Q = AR = P • Marginal Revenue DTR/DQ = MR
Copyright © 2004 South-Western
WHY MONOPOLIES ARISE
• Barriers to entry have three sources:
• Ownership of a key resource. • The government gives a single firm the exclusive right to produce some good. • Costs of production make a single producer more efficient than a large number of producers.
• it is the sole seller of its product. • its product does not have close substitutes.
Copyright © 2004 South-Western
WHY MONOPOLIES ARISE
• The fundamental cause of monopoly is barriers to entry.