平狄克微观经济学课件(英文)10.pptVIP

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THE SOCIAL COSTS OF MONOPOLY POWER 10.4 Rent Seeking ● rent seeking Spending money in socially unproductive efforts to acquire, maintain, or exercise monopoly. In 1996, the Archer Daniels Midland Company (ADM) successfully lobbied the Clinton administration for regulations requiring that the ethanol (ethyl alcohol) used in motor vehicle fuel be produced from corn. Why? Because ADM had a near monopoly on corn-based ethanol production, so the regulation would increase its gains from monopoly power. THE SOCIAL COSTS OF MONOPOLY POWER 10.4 Price Regulation If left alone, a monopolist produces Qm and charges Pm. When the government imposes a price ceiling of P1 the firm’s average and marginal revenue are constant and equal to P1 for output levels up to Q1. For larger output levels, the original average and marginal revenue curves apply. The new marginal revenue curve is, therefore, the dark purple line, which intersects the marginal cost curve at Q1. Price Regulation Figure 10.11 THE SOCIAL COSTS OF MONOPOLY POWER 10.4 Price Regulation When price is lowered to Pc, at the point where marginal cost intersects average revenue, output increases to its maximum Qc. This is the output that would be produced by a competitive industry. Lowering price further, to P3 reduces output to Q3 and causes a shortage, Q’3 ? Q3. Price Regulation Figure 10.11 THE SOCIAL COSTS OF MONOPOLY POWER 10.4 Natural Monopoly A firm is a natural monopoly because it has economies of scale (declining average and marginal costs) over its entire output range. If price were regulated to be Pc the firm would lose money and go out of business. Setting the price at Pr yields the largest possible output consistent with the firm’s remaining in business; excess profit is zero. ● natural monopoly Firm that can produce the entire output of the market at a cost lower than what it would be if there were several firms. Regulating the Price of a Natural Monopoly Figure 10.12 THE SOCIAL COSTS OF MONOPOLY P

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