TAILIEUCHUNG - Lecture Microeconomics: Theory and applications (12/e): Chapter 11 - Browning, Zupan

Chapter 11 - Monopoly. In this chapter students will be able to: Define monopoly and show what a monopolist’s demand and marginal revenue curves look like, explain why a monopolist’s profit-maximizing output is where marginal revenue equals marginal cost, describe why the extent to which a monopolist’s price exceeds marginal cost is larger the more inelastic the demand faced by the monopolist,. | MICROECONOMICS: Theory & Applications By Edgar K. Browning & Mark A. Zupan John Wiley & Sons, Inc. 12th Edition, Copyright 2013 Chapter 11: Monopoly Prepared by Dr. Della Lee Sue, Marist College Learning Objectives Define monopoly and show what a monopolist’s demand and marginal revenue curves look like. Explain why a monopolist’s profit-maximizing output is where marginal revenue equals marginal cost. Describe why the extent to which a monopolist’s price exceeds marginal cost is larger the more inelastic the demand faced by the monopolist. (continued) Learning Objectives (continued) Explain several important implications of monopoly analysis such as that the shutdown condition applies to monopolies as well as to firms operating in perfectly competitive environments. Outline the potential sources of monopoly power: absolute cost advantages, economies of scale, product differentiation, and regulatory barriers. Learning Objectives (continued) Explore the efficiency effects of .

• Kinh tế học
• Microeconomics theory
• Microeconomics applications
• Lecture Microeconomics
• Kinh tế vĩ mô
• Monopolist’s demand
• Marginal revenue curves
• Scope of microeconomic theory
• Normative analyses
• Consumer choice
• Theory of consumer choice
• Consumer choice theory
• Excise subsidies
• Game theory
• Economics of information
• Demand curves
• Supply curves
• Consumption choices
• Substitution effects
• Economic efficiency
• Competitive equilibrium
• Relating output to inputs
• Empirical estimation
• Cost of production
• Shortrun cost
• Profit maximization
• Perfectly competitive markets
• Competitive model
• Excise taxation
• Product pricing
• Monopoly power