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№1 слайд![Monopoly](/documents_6/d8524072878f39e5b92f9a644e65c28f/img0.jpg)
Содержание слайда: 15
Monopoly
№2 слайд![While a competitive firm is a](/documents_6/d8524072878f39e5b92f9a644e65c28f/img1.jpg)
Содержание слайда: While a competitive firm is a price taker, a monopoly firm is a price maker.
№3 слайд![A firm is considered a](/documents_6/d8524072878f39e5b92f9a644e65c28f/img2.jpg)
Содержание слайда: A firm is considered a monopoly if . . .
it is the sole seller of its product.
its product does not have close substitutes.
№4 слайд![WHY MONOPOLIES ARISE The](/documents_6/d8524072878f39e5b92f9a644e65c28f/img3.jpg)
Содержание слайда: WHY MONOPOLIES ARISE
The fundamental cause of monopoly is barriers to entry.
№5 слайд![WHY MONOPOLIES ARISE Barriers](/documents_6/d8524072878f39e5b92f9a644e65c28f/img4.jpg)
Содержание слайда: 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.
№6 слайд![Monopoly Resources Although](/documents_6/d8524072878f39e5b92f9a644e65c28f/img5.jpg)
Содержание слайда: Monopoly Resources
Although exclusive ownership of a key resource is a potential source of monopoly, in practice monopolies rarely arise for this reason.
№7 слайд![Government-Created Monopolies](/documents_6/d8524072878f39e5b92f9a644e65c28f/img6.jpg)
Содержание слайда: Government-Created Monopolies
Governments may restrict entry by giving a single firm the exclusive right to sell a particular good in certain markets.
№8 слайд![Government-Created Monopolies](/documents_6/d8524072878f39e5b92f9a644e65c28f/img7.jpg)
Содержание слайда: Government-Created Monopolies
Patent and copyright laws are two important examples of how government creates a monopoly to serve the public interest.
№9 слайд![Natural Monopolies An](/documents_6/d8524072878f39e5b92f9a644e65c28f/img8.jpg)
Содержание слайда: 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.
№10 слайд![Natural Monopolies A natural](/documents_6/d8524072878f39e5b92f9a644e65c28f/img9.jpg)
Содержание слайда: Natural Monopolies
A natural monopoly arises when there are economies of scale over the relevant range of output.
№11 слайд![Figure Economies of Scale as](/documents_6/d8524072878f39e5b92f9a644e65c28f/img10.jpg)
Содержание слайда: Figure 1 Economies of Scale as a Cause of Monopoly
№12 слайд![HOW MONOPOLIES MAKE](/documents_6/d8524072878f39e5b92f9a644e65c28f/img11.jpg)
Содержание слайда: HOW MONOPOLIES MAKE PRODUCTION AND PRICING DECISIONS
Monopoly versus Competition
Monopoly
Is the sole producer
Faces a downward-sloping demand curve
Is a price maker
Reduces price to increase sales
Competitive Firm
Is one of many producers
Faces a horizontal demand curve
Is a price taker
Sells as much or as little at same price
№13 слайд![Figure Demand Curves for](/documents_6/d8524072878f39e5b92f9a644e65c28f/img12.jpg)
Содержание слайда: Figure 2 Demand Curves for Competitive and Monopoly Firms
№14 слайд![A Monopoly s Revenue Total](/documents_6/d8524072878f39e5b92f9a644e65c28f/img13.jpg)
Содержание слайда: A Monopoly’s Revenue
Total Revenue
P Q = TR
Average Revenue
TR/Q = AR = P
Marginal Revenue
TR/Q = MR
№15 слайд![Table A Monopoly s Total,](/documents_6/d8524072878f39e5b92f9a644e65c28f/img14.jpg)
Содержание слайда: Table 1 A Monopoly’s Total, Average,
and Marginal Revenue
№16 слайд![A Monopoly s Revenue A](/documents_6/d8524072878f39e5b92f9a644e65c28f/img15.jpg)
Содержание слайда: A Monopoly’s Revenue
A Monopoly’s Marginal Revenue
A monopolist’s marginal revenue is always less than the price of its good.
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.
№17 слайд![A Monopoly s Revenue A](/documents_6/d8524072878f39e5b92f9a644e65c28f/img16.jpg)
Содержание слайда: 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).
The output effect—more output is sold, so Q is higher.
The price effect—price falls, so P is lower.
№18 слайд![Figure Demand and](/documents_6/d8524072878f39e5b92f9a644e65c28f/img17.jpg)
Содержание слайда: Figure 3 Demand and Marginal-Revenue Curves for a Monopoly
№19 слайд![Profit Maximization A](/documents_6/d8524072878f39e5b92f9a644e65c28f/img18.jpg)
Содержание слайда: Profit Maximization
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.
№20 слайд![Figure Profit Maximization](/documents_6/d8524072878f39e5b92f9a644e65c28f/img19.jpg)
Содержание слайда: Figure 4 Profit Maximization for a Monopoly
№21 слайд![Profit Maximization Comparing](/documents_6/d8524072878f39e5b92f9a644e65c28f/img20.jpg)
Содержание слайда: 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
№22 слайд![A Monopoly s Profit Profit](/documents_6/d8524072878f39e5b92f9a644e65c28f/img21.jpg)
Содержание слайда: A Monopoly’s Profit
Profit equals total revenue minus total costs.
Profit = TR - TC
Profit = (TR/Q - TC/Q) Q
Profit = (P - ATC) Q
№23 слайд![Figure The Monopolist s Profit](/documents_6/d8524072878f39e5b92f9a644e65c28f/img22.jpg)
Содержание слайда: Figure 5 The Monopolist’s Profit
№24 слайд![A Monopolist s Profit The](/documents_6/d8524072878f39e5b92f9a644e65c28f/img23.jpg)
Содержание слайда: A Monopolist’s Profit
The monopolist will receive economic profits as long as price is greater than average total cost.
№25 слайд![Figure The Market for Drugs](/documents_6/d8524072878f39e5b92f9a644e65c28f/img24.jpg)
Содержание слайда: Figure 6 The Market for Drugs
№26 слайд![THE WELFARE COST OF MONOPOLY](/documents_6/d8524072878f39e5b92f9a644e65c28f/img25.jpg)
Содержание слайда: 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.
№27 слайд![Figure The Efficient Level of](/documents_6/d8524072878f39e5b92f9a644e65c28f/img26.jpg)
Содержание слайда: Figure 7 The Efficient Level of Output
№28 слайд![The Deadweight Loss Because a](/documents_6/d8524072878f39e5b92f9a644e65c28f/img27.jpg)
Содержание слайда: The Deadweight Loss
Because a monopoly sets its price above marginal cost, it places a wedge between the consumer’s willingness to pay and the producer’s cost.
This wedge causes the quantity sold to fall short of the social optimum.
№29 слайд![Figure The Inefficiency of](/documents_6/d8524072878f39e5b92f9a644e65c28f/img28.jpg)
Содержание слайда: Figure 8 The Inefficiency of Monopoly
№30 слайд![The Deadweight Loss The](/documents_6/d8524072878f39e5b92f9a644e65c28f/img29.jpg)
Содержание слайда: The Deadweight Loss
The Inefficiency of Monopoly
The monopolist produces less than the socially efficient quantity of output.
№31 слайд![The Deadweight Loss The](/documents_6/d8524072878f39e5b92f9a644e65c28f/img30.jpg)
Содержание слайда: The Deadweight Loss
The deadweight loss caused by a monopoly is similar to the deadweight loss caused by a tax.
The difference between the two cases is that the government gets the revenue from a tax, whereas a private firm gets the monopoly profit.
№32 слайд![PUBLIC POLICY TOWARD](/documents_6/d8524072878f39e5b92f9a644e65c28f/img31.jpg)
Содержание слайда: PUBLIC POLICY TOWARD MONOPOLIES
Government responds to the problem of monopoly in one of four ways.
Making monopolized industries more competitive.
Regulating the behavior of monopolies.
Turning some private monopolies into public enterprises.
Doing nothing at all.
№33 слайд![Increasing Competition with](/documents_6/d8524072878f39e5b92f9a644e65c28f/img32.jpg)
Содержание слайда: Increasing Competition with Antitrust Laws
Antitrust laws are a collection of statutes aimed at curbing monopoly power.
Antitrust laws give government various ways to promote competition.
They allow government to prevent mergers.
They allow government to break up companies.
They prevent companies from performing activities that make markets less competitive.
№34 слайд![Increasing Competition with](/documents_6/d8524072878f39e5b92f9a644e65c28f/img33.jpg)
Содержание слайда: Increasing Competition with Antitrust Laws
Two Important Antitrust Laws
Sherman Antitrust Act (1890)
Reduced the market power of the large and powerful “trusts” of that time period.
Clayton Act (1914)
Strengthened the government’s powers and authorized private lawsuits.
№35 слайд![Regulation Government may](/documents_6/d8524072878f39e5b92f9a644e65c28f/img34.jpg)
Содержание слайда: Regulation
Government may regulate the prices that the monopoly charges.
The allocation of resources will be efficient if price is set to equal marginal cost.
№36 слайд![Figure Marginal-Cost Pricing](/documents_6/d8524072878f39e5b92f9a644e65c28f/img35.jpg)
Содержание слайда: Figure 9 Marginal-Cost Pricing for a Natural Monopoly
№37 слайд![Regulation In practice,](/documents_6/d8524072878f39e5b92f9a644e65c28f/img36.jpg)
Содержание слайда: Regulation
In practice, regulators will allow monopolists to keep some of the benefits from lower costs in the form of higher profit, a practice that requires some departure from marginal-cost pricing.
№38 слайд![Public Ownership Rather than](/documents_6/d8524072878f39e5b92f9a644e65c28f/img37.jpg)
Содержание слайда: Public Ownership
Rather than regulating a natural monopoly that is run by a private firm, the government can run the monopoly itself (e.g. in the United States, the government runs the Postal Service).
№39 слайд![Doing Nothing Government can](/documents_6/d8524072878f39e5b92f9a644e65c28f/img38.jpg)
Содержание слайда: Doing Nothing
Government can do nothing at all if the market failure is deemed small compared to the imperfections of public policies.
№40 слайд![PRICE DISCRIMINATION Price](/documents_6/d8524072878f39e5b92f9a644e65c28f/img39.jpg)
Содержание слайда: PRICE DISCRIMINATION
Price discrimination is the business practice of selling the same good at different prices to different customers, even though the costs for producing for the two customers are the same.
№41 слайд![PRICE DISCRIMINATION Price](/documents_6/d8524072878f39e5b92f9a644e65c28f/img40.jpg)
Содержание слайда: PRICE DISCRIMINATION
Price discrimination is not possible when a good is sold in a competitive market since there are many firms all selling at the market price. In order to price discriminate, the firm must have some market power.
Perfect Price Discrimination
Perfect price discrimination refers to the situation when the monopolist knows exactly the willingness to pay of each customer and can charge each customer a different price.
№42 слайд![PRICE DISCRIMINATION Two](/documents_6/d8524072878f39e5b92f9a644e65c28f/img41.jpg)
Содержание слайда: PRICE DISCRIMINATION
Two important effects of price discrimination:
It can increase the monopolist’s profits.
It can reduce deadweight loss.
№43 слайд![Figure Welfare with and](/documents_6/d8524072878f39e5b92f9a644e65c28f/img42.jpg)
Содержание слайда: Figure 10 Welfare with and without Price Discrimination
№44 слайд![Figure Welfare with and](/documents_6/d8524072878f39e5b92f9a644e65c28f/img43.jpg)
Содержание слайда: Figure 10 Welfare with and without Price Discrimination
№45 слайд![PRICE DISCRIMINATION Examples](/documents_6/d8524072878f39e5b92f9a644e65c28f/img44.jpg)
Содержание слайда: PRICE DISCRIMINATION
Examples of Price Discrimination
Movie tickets
Airline prices
Discount coupons
Financial aid
Quantity discounts
№46 слайд![CONCLUSION THE PREVALENCE OF](/documents_6/d8524072878f39e5b92f9a644e65c28f/img45.jpg)
Содержание слайда: CONCLUSION: THE PREVALENCE OF MONOPOLY
How prevalent are the problems of monopolies?
Monopolies are common.
Most firms have some control over their prices because of differentiated products.
Firms with substantial monopoly power are rare.
Few goods are truly unique.
№47 слайд![Summary A monopoly is a firm](/documents_6/d8524072878f39e5b92f9a644e65c28f/img46.jpg)
Содержание слайда: Summary
A monopoly is a firm that is the sole seller in its market.
It faces a downward-sloping demand curve for its product.
A monopoly’s marginal revenue is always below the price of its good.
№48 слайд![Summary Like a competitive](/documents_6/d8524072878f39e5b92f9a644e65c28f/img47.jpg)
Содержание слайда: Summary
Like a competitive firm, a monopoly maximizes profit by producing the quantity at which marginal cost and marginal revenue are equal.
Unlike a competitive firm, its price exceeds its marginal revenue, so its price exceeds marginal cost.
№49 слайд![Summary A monopolist s](/documents_6/d8524072878f39e5b92f9a644e65c28f/img48.jpg)
Содержание слайда: Summary
A monopolist’s profit-maximizing level of output is below the level that maximizes the sum of consumer and producer surplus.
A monopoly causes deadweight losses similar to the deadweight losses caused by taxes.
№50 слайд![Summary Policymakers can](/documents_6/d8524072878f39e5b92f9a644e65c28f/img49.jpg)
Содержание слайда: Summary
Policymakers can respond to the inefficiencies of monopoly behavior with antitrust laws, regulation of prices, or by turning the monopoly into a government-run enterprise.
If the market failure is deemed small, policymakers may decide to do nothing at all.
№51 слайд![Summary Monopolists can raise](/documents_6/d8524072878f39e5b92f9a644e65c28f/img50.jpg)
Содержание слайда: Summary
Monopolists can raise their profits by charging different prices to different buyers based on their willingness to pay.
Price discrimination can raise economic welfare and lessen deadweight losses.