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Essay Details:
Essay text:
Expansion in numbers, reduction in input costs.
Constant Cost = Page 577, constant return
Increasing Cost = example, Bus Lines
MONOPOLY = a market structure example, Northeast Utilities
Characteristics:
No Close Substitutes
Inelastic product
One seller, many busyers
little knowledge
high barriers to enter and leave market
resources are not mobile.
must be a necessity
Problem with Monopolies
Monopolies tend to misalocate resources
Not as efficient = monopolies work where MC = MR
Monopolies will not produce as much as consumer wants
Monopolies lack incentives, no competition
Ways of Controlling Monopolies
Regulate
Break it up
Taxes
Good Points of Monopolies
Average cost is lower and passes on to the consumer
May be the only rational way to offer a product
Cartels = example: OPEC - a monopoly, outside of the US Control, deals in a natural resource...
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