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1) The document discusses different market structures including perfect competition and monopoly. 2) Under perfect competition, firms are price takers and can only earn normal profits in the long run. A monopoly has market power to set prices and can earn supernormal profits. 3) A monopoly will choose to produce a lower quantity at a higher price than under perfect competition, resulting in lower output but higher profits for the monopoly.
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Monopoly is a market structure where there is only one seller of a product or service. Examples include public utilities like electricity and water.
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Contestable Markets
This document discusses contestable markets and provides examples of industries with varying degrees of contestability. It defines a contestable market as one where entry and exit decisions can be made without cost. Key factors that determine contestability include the absence of sunk costs, access to technology, consumer loyalty, and size of entry barriers. Various industries like movies on demand, retail coffee stores, and budget hotels are assessed as having high contestability, while industries like household mail services currently have low contestability but this may be rising. The document also examines pricing strategies in highly contestable markets and discusses concepts like hit-and-run entry and barriers to exit.
Chapter 11 pricing with market power
The document discusses various pricing strategies firms can use when they have market power, including price discrimination, peak-load pricing, and two-part tariffs. It explains how firms can segment markets and charge different prices to maximize profits by capturing consumer surplus. Specifically, it covers first-degree, second-degree, and third-degree price discrimination, and discusses examples like airlines, movies, and electricity pricing. The two-part tariff is introduced as a strategy to separate the decision to purchase a good into two prices: a fixed entry fee and a variable usage fee.
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This document summarizes key concepts about monopolistic competition and oligopoly market structures. It discusses how monopolistic competition involves a relatively large number of sellers offering differentiated products, with easy entry and exit into the market. Firms have some control over price in the short run but experience zero economic profits in the long run. The document also describes how oligopolies have a small number of large producers offering either homogeneous or differentiated products, with strategic interdependence between firms. Oligopolies can involve collusion, price leadership, or noncooperative behavior modeled using game theory.
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This document discusses market structures between the extremes of perfect competition and monopoly. It describes imperfect competition, where firms have some control over prices and face downward sloping demand curves. The main types of imperfect competition are monopolistic competition, with many differentiated firms, and oligopoly, with a small number of interdependent firms. The document analyzes oligopolistic interactions through concepts like reaction functions, the kinked demand curve model, and Nash-Cournot equilibrium. It also discusses collusion, contestable markets, and strategic entry deterrence.
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Oligopoly is a market structure with a small number of firms that interact strategically. Firms must consider competitors' actions when making decisions. Entry is difficult due to requirements for large investments. Firms may produce homogeneous or differentiated products. Pricing is complex and interdependent, as firms watch each other closely to avoid price wars. Collusion, either explicitly through cartels or tacitly, often emerges to increase profits through coordinated pricing and output decisions.
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This document discusses the concept of oligopoly and provides examples. It defines oligopoly as a market structure with a few firms and many buyers. It notes that firms in an oligopoly are mutually interdependent and considers factors like price, competition, relationships between firms, and economic scale. It provides graphs to illustrate concepts like kinked demand curves and marginal revenue curves. It gives common examples of oligopolistic industries and compares oligopoly to monopoly, perfect competition, and monopolistic competition.
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1) The document discusses the characteristics and efficiency arguments for and against monopoly.
2) It analyzes the case against monopoly in terms of allocative and productive inefficiency, and loss of economic welfare.
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This document discusses various barriers to entry that allow monopolies to form and persist, including legal restrictions like patents, economies of scale, and control of essential resources. It provides examples of monopolies in different industries. The document also examines how a monopoly determines the profit-maximizing price and quantity to produce by equating marginal revenue and marginal cost, and outlines how this differs from perfect competition. Consumer surplus is lower under monopoly compared to perfect competition due to the deadweight loss.
Contestable Markets
A contestable market is an imperfectly competitive market where the threat of potential competition from new entrants keeps prices low and forces firms to produce efficiently. Key conditions for contestability include easy entry and exit from the market with few sunk costs. This encourages "hit and run entry" where firms briefly enter to earn profits before exiting. Contestable markets can achieve allocative efficiency like perfect competition through potential competition even if few firms dominate, bringing economic benefits over monopolies.
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The document summarizes the key characteristics of four basic market models: pure competition, monopolistic competition, oligopoly, and monopoly. It provides examples for each model and discusses some factors that allow monopolies to form, such as legal barriers, ownership of essential resources, and economies of scale. The document also compares pure competition to pure monopoly and discusses how monopolies determine profit-maximizing output and price graphically by finding the quantity where marginal revenue equals marginal cost. Finally, it addresses strategies like price discrimination that monopolies may use and policies like lump-sum taxes that could influence monopoly behavior.
presentation on Perfect market
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The document discusses different market structures and pricing under each structure. It covers the four main market structures: perfect competition, monopoly, monopolistic competition, and oligopoly. For each structure, it describes characteristics like number of firms, entry barriers, product differentiation. It then discusses pricing determination. Under perfect competition, firms are price takers and price equals marginal cost. Under monopoly, the single firm influences price by adjusting output to where marginal revenue equals marginal cost. Under monopolistic competition, in the short run firms maximize profits where marginal revenue equals marginal cost, and in the long run price equals average cost.
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This document discusses monopoly power in markets. It defines a pure monopolist as a single supplier that dominates an entire market with 100% concentration. In reality, a working monopoly is deemed to be any firm with over 25% market share, while a dominant firm has at least 40% share. Monopolies can lead to higher prices and lower output compared to competitive markets. However, monopoly power also allows firms to invest profits into research and development. There are economic arguments both for and against monopolies, and intervention may or may not be effective depending on the specific market.
Pure monopoly
1) A pure monopoly is characterized by a single seller of a unique product with no close substitutes and barriers to entry that prevent competition.
2) Monopoly power allows the firm to influence prices by controlling a large share of the market. Barriers to entry like legal restrictions, patents, and control of resources prevent other firms from entering the market.
3) For a monopoly, marginal revenue is always less than price and can be negative if demand is inelastic, meaning the firm would lose total revenue by producing more. Monopolies will only produce where marginal revenue is positive or zero.
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- Firms in perfectly competitive markets take the market price as given and produce where their marginal costs equal marginal revenue to maximize profits.
- In the short run, an individual firm's supply curve is represented by its marginal cost curve above average variable cost. The industry supply curve is the sum of individual firm supply curves.
- In the long run, firms enter and exit the industry until price equals minimum average total cost and firms earn only normal profits, resulting in a horizontal industry supply curve. However, increasing input prices can cause the long-run supply curve to slope upward.
Presentation imperfect competition
This document is about imperfect competition and monopoly. It defines imperfect competition as situations where individual sellers can influence the price of their output, such as in oligopolies and monopolistic competition. Monopoly is described as a market with a single seller who can set price without competition. The document includes a graphical depiction of demand curves under perfect versus imperfect competition. It notes there are many varieties of imperfect competitors in an economy, from fast-changing tech industries to more stable funeral services. Finally, it outlines that monopolies have single production of a unique product and can earn economic profits by setting price without rival firms.
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This presentation is made for " Introduction to business" course. It is about Types of competitions in sales market or Market Structure which has 4 types ; Perfect, Monopolistic, Oligopoly, and Monopoly. It includes case study of " Wal-Mart " as well. ( but i'm not sure if it's accurate )
File Format : PPT Power Point 2003 or Higher.
Miss Nannapat K. ( MUM )
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Monopoly
A monopoly exists when a single supplier dominates the market for a good or service. This gives the supplier power over prices and reduces competition compared to other market structures like perfect competition. Key aspects of a monopoly include barriers to entry that prevent competition, a single seller, and the ability to set prices above costs. Monopolies are often regulated by governments to prevent excess profits and promote fair prices and quality services.
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A pure monopoly is characterized by a single seller of a unique product without close substitutes, the ability to set any price, and barriers to entry that prevent competition. While pure monopolies are rare, monopolies can exist when a firm is the only producer of a product and uses barriers like patents, large size, or unfair tactics to prevent competition. A monopoly has power over price as the sole provider of a product and sets price at the level that maximizes profits by balancing marginal revenue and marginal costs.
Monopoly
This document discusses monopoly market structure. It defines monopoly as a market where there is a single seller of a product without close substitutes. A monopoly is characterized by being a price maker, having high barriers to entry, and engaging in price discrimination between markets. The document explains how a monopolistic firm determines short-run and long-run equilibrium by setting marginal cost equal to marginal revenue and marginal cost cutting marginal revenue from below to maximize profits. It also discusses how a monopoly may practice different degrees of price discrimination across markets with different demand elasticities in order to maximize total revenue.
Monopolistic And Oligopoly
- Monopolistic competition describes a market with many producers offering similar but differentiated products, with each firm having some control over price. Barriers to entry are low, allowing firms to freely enter and exit the market.
- In the short run, firms maximize profits where marginal revenue equals marginal cost. In the long run with free entry and exit, firms earn zero economic profit as supply and demand equilibrate.
- Oligopoly is dominated by a few large firms. These firms are interdependent and must consider competitors' responses in decision making. Barriers to entry allow oligopolies to persist and earn economic profits.
Topic 5
The document discusses different market structures including perfect competition, monopoly, monopolistic competition, and oligopoly. It provides details on the characteristics of each market structure such as the number of sellers, barriers to entry/exit, profits, nature of products, and pricing behavior. Examples of barriers to entry include government approvals, patents/copyrights, capital requirements and lack of raw materials. The document also covers concepts such as average and marginal revenue, cost curves, normal vs abnormal profits, and profit maximization conditions for perfect competition and monopoly.
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Monopolistic competition is an imperfect market structure with many firms, differentiated products, and free entry and exit. Each firm faces a downward-sloping demand curve and charges a price above marginal cost, resulting in excess capacity and markup over marginal cost. While product variety benefits consumers, monopolistic competition also results in deadweight loss and potentially an inefficient number of firms. Firms use advertising and brand names both to inform consumers and potentially manipulate them.
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This chapter discusses monopoly markets. It begins by defining a monopoly as a sole seller of a product without close substitutes. Monopolies arise due to barriers to entry, including ownership of key resources, government protections like patents, or natural monopolies where large scale production is more efficient. As the sole seller, a monopoly faces a downward sloping demand curve and is a price maker, unlike competitive firms which are price takers. The chapter then analyzes how monopolies determine price and quantity to maximize profits by producing at the quantity where marginal revenue equals marginal cost. This results in the monopoly price exceeding average cost and the firm earning economic profits.
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- A monopoly is characterized by a single seller in a market with very high barriers to entry that make it almost impossible for competitors to enter. As the sole producer, a monopoly can set its own price.
- A monopoly's demand curve is the market demand curve since it is the only seller. It produces where marginal revenue equals marginal cost to maximize profits. However, unlike perfect competition, the monopoly's price exceeds marginal revenue.
- By producing a lower quantity than would be socially optimal, monopolies create deadweight loss and reduce total welfare for society.
Monopoly
A document outlines key concepts regarding monopoly, including:
1) A monopoly is characterized by a single seller in the market with no close substitutes who acts as a price maker and can block entry of new competitors.
2) A monopoly faces a downward sloping demand curve and can only increase sales by lowering price across all units sold. As a result, marginal revenue is always below price.
3) A profit-maximizing monopoly will produce at the quantity where marginal revenue equals marginal cost and charge the price dictated by the demand curve at that quantity of output.
Pricing theory
This document discusses different market structures: perfect competition, monopoly, monopolistic competition, and oligopoly. It provides details on the key features of each structure, including how pricing is determined. For perfect competition, the market price is determined by supply and demand. A monopoly is characterized by a single seller. Monopolistic competition involves differentiated products and imperfect competition. Oligopoly is dominated by a small number of large sellers, with features like product branding and interdependent decision-making. Examples are provided for each market structure type.
Topic 1
The document discusses several economic concepts including scarcity, production possibility curves, opportunity cost, and factors of production. It defines scarcity as limited resources to meet unlimited wants and needs. It uses production possibility curves to illustrate the concept of opportunity cost and trade-offs involved in allocating resources between different goods. The four factors of production are identified as land, labor, capital, and entrepreneurship.
Managerial economics
The document provides an overview of market structures including perfect competition, monopoly, monopolistic competition, and oligopoly. It defines key concepts such as market equilibrium, revenue curves, and profit maximization conditions. For each market structure, it discusses features, pricing determination, and equilibrium in both the short-run and long-run. It also provides examples of Cournot and Bertrand models of oligopoly to illustrate how firms may consider competitors' actions when setting prices and output.
Long run for monopoly
1. The document explains the long-run equilibrium for a monopoly, including how changes in demand and supply impact the market structure.
2. It discusses three scenarios for a monopoly making supernormal profits: an increase in demand increases output and profits; an increase in costs decreases output and profits; and an increase in fixed costs eliminates supernormal profits.
3. For each scenario, the document uses diagrams to show how the relevant curves shift and how the monopoly should adjust its output level to maximize profits.
monopoly
This document presents information about monopoly, including definitions, features, types, and price determination under short-run and long-run conditions. It was submitted by a group of students to Dr. Ashish Pareek. Monopoly is defined as a market situation where there is a single seller of a product without close substitutes. Key features include one seller facing many buyers, restrictions on entry of new firms, and the seller being a price maker. The document also discusses monopoly's demand and revenue curves, and how a monopolist may earn super normal profits, normal profits, or face minimum losses in the short-run depending on costs and revenues.
Perfect competition
This document discusses the characteristics of perfect competition in economics. It outlines the necessary conditions for a perfectly competitive market, which are: firms are price takers; there are many buyers and sellers; there are no barriers to entry or exit; products are identical; and there is complete information. It explains that under perfect competition, each individual firm faces a perfectly elastic demand curve, meaning it is a price taker, while the market demand curve is downward sloping. The individual firm can have no impact on the market price.
Monopoly market structure
A monopoly is characterized by a single firm controlling the entire market for a good or service with no close substitutes. This allows the firm to set prices without competition. While monopolies can benefit from economies of scale, they also restrict output to raise prices and profits, resulting in an inefficient allocation of resources and loss of consumer welfare. Modern examples include electricity distribution networks and Google's dominance as a search engine.
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Market structures1
1. The document outlines four different market structures: perfect competition, monopoly, oligopoly, and monopolistic competition.
2. It describes the key determinants of market structure as the number of sellers, nature of products, freedom of entry and exit, and control over price.
3. Perfect competition is defined as having free entry and exit, homogeneous products, many buyers and sellers, and perfect information. Firms are price takers and seek to maximize profits by producing where price equals marginal cost.
Lesson 5 perfect comp.
1. Perfect competition is characterized by many small sellers offering homogeneous products, price-taking firms, and free entry and exit in the industry.
2. Under perfect competition, each firm faces a perfectly elastic demand curve equal to the market price.
3. In the short run, firms will produce at the quantity where price equals marginal cost to maximize profits. In the long run, free entry and exit will cause firms to earn only normal profits as supply increases to meet demand.
DPB 10013 MICROECONOMICS (PERFECT COMPETITION)
The document defines and explains the characteristics of perfect competition. It states that a perfectly competitive market has many small firms, identical products, free entry and exit, and perfect information. Firms are price takers and the industry supply and demand curve determines price. The individual firm's demand curve is perfectly elastic and it will produce where price equals marginal cost. In the short run, firms can experience super-normal profits, normal profits, losses or exit the market if average costs exceed average revenue. In long run equilibrium, firms earn only normal profits.
Market Structurre
The document discusses market analysis and the four main market structures: perfect competition, monopoly, monopolistic competition, and oligopoly. It provides details on the characteristics, assumptions, and profit maximization conditions for perfect competition and monopoly. Key points include firms being price takers under perfect competition, and monopolists choosing output where marginal revenue equals marginal cost. The document also notes the disadvantages of monopoly, such as high prices and low output, compared to perfect competition.
Perfect competition
The document discusses the concept of perfect competition. It defines perfect competition as a market with many small firms, homogeneous products, free entry and exit, and perfect information. Under perfect competition in the short run, firms are price takers and will produce at the price that maximizes their profits where marginal revenue equals marginal cost. In the long run, perfectly competitive firms will earn only normal profits as entry and exit will cause prices to adjust until average costs are equal to prices.
AP Micro Review - Theory of the Firm
The document provides an overview of market structures and firm behavior in microeconomics. It defines four main market models - pure competition, pure monopoly, monopolistic competition, and oligopoly. For each model, it discusses characteristics like number of firms, entry barriers, and pricing behavior. The document also covers concepts like profit maximization, costs of production, efficiency under perfect competition, and strategic pricing in oligopolistic markets.
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The document discusses monopoly in the short run. It defines monopoly as a market with a single seller and no substitutes for the good. It notes key characteristics of monopoly include: one firm controls the industry; goods have no substitutes; there is no freedom of entry or exit; and the firm determines price. The document discusses how a monopoly faces a downward sloping demand curve and can influence price or quantity but not both. It provides examples of how to calculate total revenue, average revenue and marginal revenue from demand. It also discusses the relationships between demand, marginal revenue, and average revenue curves. Equilibrium for the monopoly occurs where marginal revenue equals marginal cost, and it can result in super normal profit, normal profit, losses or
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This document provides a syllabus and information about market structures and pricing. It discusses the key topics of perfect competition, monopoly, monopolistic competition, and oligopoly. For each market structure, it defines the characteristics, discusses demand and supply curves, profit levels in the short-run and long-run equilibrium, and provides examples. The summary focuses on the essential market structure models and equilibrium concepts covered.
market structure in economics
The interconnected characteristics of a market, such as the number and relative strength of buyers and sellers and degree of collusion among them, level and forms of competition, extent of product differentiation, and ease of entry into and exit from the market.Four basic types of market structure are (1) Perfect competition: many buyers and sellers, none being able to influence prices. (2) Oligopoly: several large sellers who have some control over the prices. (3) Monopoly: single seller with considerable control over supply and prices. (4) Monopsony: single buyer with considerable control over demand and prices.
Perfect Competition market
The document describes the key characteristics and assumptions of perfect competition, including firms being price takers, products being homogeneous, and free entry and exit in the industry. It discusses how in the short run, firms will operate at a loss, normal profit, or supernormal profit depending on whether price is below, equal to, or above average total cost. In the long run, entry and exit of firms will drive price down to equal long run average cost, resulting in zero economic profit.
PERFECT COMPETITION MARKET
The document discusses perfect competition and perfectly competitive markets. It defines the key assumptions of perfect competition as firms being price takers, products being homogeneous, and free entry and exit in the industry. It explains that in the short run, competitive firms will operate at a loss, earn normal profits, or supernormal profits depending on whether price is below average cost, equal to average cost, or above average cost. In the long run, entry and exit of firms will drive prices down to equal minimum long run average cost, resulting in zero economic profits.
Marketstructures
There are 4 main types of market structures: perfect competition, monopoly, monopolistic competition, and oligopoly. Perfect competition is characterized by many small firms, homogeneous products, free entry and exit, and perfect information. Under perfect competition, firms are price takers and marginal revenue equals price. In both the short run and long run, firms will produce where marginal cost equals marginal revenue to maximize profits. The perfectly competitive market leads to productive and allocative efficiency.
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This document discusses different market structures: monopoly, monopolistic competition, and oligopoly. For monopoly, it describes characteristics like a single seller, barriers to entry, and profit maximization where marginal revenue equals marginal cost. Monopolistic competition has many firms that produce differentiated products and free entry/exit. Oligopoly has a few sellers producing either homogeneous or differentiated products and difficult market entry.
Micro 18.pdf
This document contains information about various microeconomics topics including monopoly, price discrimination, marginal cost, marginal revenue, and oligopoly. It discusses concepts such as perfect competition, monopolistic competition, prisoner's dilemma, game theory, and the five competitive forces that determine industry competition and profitability. Several examples of costs, revenues, and demand curves are provided.
11 perfect competition class economics slides for ku
This document provides an overview of the key concepts of perfect competition, including:
(1) Perfect competition is defined by many small firms, homogeneous products, perfect information and free entry/exit.
(2) In perfect competition, each firm is a price taker and faces a horizontal demand curve equal to the market price.
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- The market equilibrium price is determined by the intersection of total industry demand and supply. Individual
Market Perfect Competition_MBA_Parakramesh Jaroli
This document provides an overview of different market structures, with a focus on perfect competition. It defines key concepts related to revenue, costs, and profit maximization for firms in competitive markets. Perfect competition is characterized by many small firms, homogeneous products, free entry and exit, and perfect information. Under perfect competition, firms are price takers and marginal revenue equals price. Equilibrium occurs where marginal cost equals marginal revenue. The document also discusses long-run equilibrium and how perfect competition leads to allocative efficiency.
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This document discusses the concept of perfect competition. It defines perfect competition as a market with many small buyers and sellers, homogeneous products, perfect information, and free entry and exit. Under perfect competition, each firm is a price taker and faces a horizontal demand curve. In the short run, a perfectly competitive firm will produce where price equals marginal cost to maximize profits or minimize losses. In the long run, the market reaches equilibrium when no firms want to enter or exit and each firm produces at the lowest point on its long-run average total cost curve.
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Profitmax
- 1. Profit Maximisation under Perfect Competition and Monopoly
- 4. Features of the four market structures
- 5. Features of the four market structures
- 6. Features of the four market structures
- 7. Features of the four market structures
- 8. Features of the four market structures
- 9. Features of the four market structures
- 13. Short-run equilibrium of industry and firm under perfect competition O £ (b) Firm Q (thousands) O (a) Industry P Q (millions) Q e S D P e MC AR D = AR = MR AC AC
- 14. Loss minimising under perfect competition O O (a) Industry P £ Q (millions) S D (b) Firm Q (thousands) Q e P 1 D 1 = AR 1 = MR 1 AR 1 MC AC AC
- 15. Short-run shut-down point O O (a) Industry P £ Q (millions) S (b) Firm MC AC Q (thousands) D 2 P 2 AR 2 D 2 = AR 2 = MR 2 AVC
- 18. Long-run equilibrium under perfect competition O O P £ Q (millions) Q L Q (thousands) New firms enter Supernormal profits Profits return to normal (a) Industry (b) Firm S 1 D LRAC P L P 1 S e AR 1 D 1 AR L D L
- 20. Long-run equilibrium of the firm under perfect competition £ Q O (SR)AC (SR)MC LRAC AR = MR D L LRAC = (SR)AC = (SR)MC = MR = AR
- 25. Concentration ratios in the UK
- 28. AR and MR curves for a monopoly Q (units) 1 2 3 4 5 6 7 P =AR (£) 8 7 6 5 4 3 2 AR AR, MR (£) Quantity
- 29. AR and MR curves for a monopoly Q (units) 1 2 3 4 5 6 7 P =AR (£) 8 7 6 5 4 3 2 TR (£) 8 14 18 20 20 18 14 MR (£) 6 4 2 0 -2 -4 MR AR, MR (£) Quantity AR
- 31. Profit maximising under monopoly £ Q O Q m MR MC
- 33. Profit maximising under monopoly £ Q O Q m MR MC
- 34. Profit maximising under monopoly £ Q O MC Q m MR AC AR AC AR
- 35. Profit maximising under monopoly £ Q O MC AC Q m MR AR AR AC Total profit
- 38. Equilibrium of industry under perfect competition and monopoly: with the same MC curve £ Q O Q 1 P 1 Monopoly AR = D MC MR
- 39. Equilibrium of industry under perfect competition and monopoly: with the same MC curve £ Q O MC ( = supply under perfect competition) Q 1 MR P 1 Q 2 AR = D Comparison with Perfect competition P 2
- 42. Equilibrium of industry under perfect competition and monopoly: with different MC curves £ Q O Q 1 MR P 1 MC monopoly AR = D
- 43. Equilibrium of industry under perfect competition and monopoly: with different MC curves £ Q O MC ( = supply) perfect competition Q 1 MR P 1 P 2 Q 2 MC monopoly AR = D x Q 3 P 3