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Chapter 12 - Aggregate demand and aggregate supply. This chapter introduces the concepts of aggregate demand and aggregate supply, explaining the shapes of the aggregate demand and aggregate supply curves and the forces that cause them to shift. | Chapter 12 Pure Monopoly Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. This chapter is divided into seven learning objectives: the characteristics of pure monopoly, the barriers to entry that create and protect monopolies, how demand is viewed by a monopolist, price and output determination under monopoly, the economic effects of monopoly, price discrimination, and the regulation of monopolies. The discussion of barriers to entry asserts at the outset that these barriers may occur to some extent in any form of imperfect competition, not just in a pure monopoly. The concept of a natural monopoly is addressed in this section. Building on the analysis of the preceding chapter, the discussion of the price‑output decision-making by monopoly firms points out that the marginal-revenue=marginal-cost rule still applies. Emphasis here is on the major difference between the determination of | Chapter 12 Pure Monopoly Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. This chapter is divided into seven learning objectives: the characteristics of pure monopoly, the barriers to entry that create and protect monopolies, how demand is viewed by a monopolist, price and output determination under monopoly, the economic effects of monopoly, price discrimination, and the regulation of monopolies. The discussion of barriers to entry asserts at the outset that these barriers may occur to some extent in any form of imperfect competition, not just in a pure monopoly. The concept of a natural monopoly is addressed in this section. Building on the analysis of the preceding chapter, the discussion of the price‑output decision-making by monopoly firms points out that the marginal-revenue=marginal-cost rule still applies. Emphasis here is on the major difference between the determination of marginal revenue in pure competition and in pure monopoly. The misconceptions about monopoly pricing behavior are presented, as well as a comparison of efficiency in pure competition and pure monopoly. The case of price discrimination and its effects are discussed along with the conditions necessary for it to occur. This section ends with a discussion of the effects of monopoly power in the U.S. economy and some policy alternatives. Some basic issues involved in the regulation of public service monopolies are reviewed. The Last Word examines how some Internet companies have achieved near monopoly power due to network effects and economies of scale. Introduction to Pure Monopoly Pure monopoly Single seller – a sole producer No close substitutes – unique product Price maker – control over price Blocked entry – strong barriers to entry Non-price competition – mostly PR but can engage in advertising to increase demand LO1 A pure monopoly means that there is only one producer of the .
