mon文档新opsony(微观经济学-华侨大学,jeffcaldwell).ppt

Chapter 1 Chapter 10 Market Power: Monopoly and Monopsony Topics to be Discussed Monopoly Monopoly Power Sources of Monopoly Power The Social Costs of Monopoly Power Topics to be Discussed Monopsony Monopsony Power Limiting Market Power: The Antitrust Laws Perfect Competition Review of Perfect Competition P = LMC = LRAC Normal profits or zero economic profits in the long run Large number of buyers and sellers Homogenous product Perfect information Firm is a price taker Perfect Competition Monopoly Monopoly 1) One seller - many buyers 2) One product (no good substitutes) 3) Barriers to entr