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University of Florida - ECO 2023 Microeconomics study: Monopoly and Antitrust Policy. Study Guide & Class Notes

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THE TOPICS COVERED IN THESE NOTES INCLUDE THE FOLLOWING AND MUCH MORE: University of Florida - ECO 2023 Microeconomics study: Monopoly and Antitrust Policy. Study Guide & Class Notes With illustr... ations 1. What is the definition of market power? 2. A monopolist will maximize profit at the level of output where: 3. A monopoly is a market structure that is characterized by: 4. Which of the following laws prohibited charging buyers different prices if the result would reduce competition? 5. Which of the following is an effect of a monopoly? We can summarize the effects of monopoly as follow: 6. What is the definition of market power? 7. Natural monopoly happens when the: 8. Laws aimed at promoting competition among firms are known as: 9. Which of the following laws outlawed monopolization? 10. A monopolist will maximize profit at the level of output where: 11. What point on the graph represents the price and output level that a monopolist will choose? 12. Which of the following statements regarding natural monopoly is true? 13. What is the firm’s profit when it sells six subscriptions per month? a. $72 14. In which of the following situations can a firm be considered a monopoly? 15. Which of the following is most likely to increase market power? 16. A monopoly is a market structure that is characterized by: 17. Which of the following is an effect of a monopoly? 18. Because the monopolist faces a downward sloping demand curve: 19. The only legal restriction concerning price discrimination is that firms cannot use it to: 20. Which of the following rights is given to the holder of a patent? For many years, the Aluminum Company of America (Alcoa) essentially operated as a monopoly. What made this company a monopoly? 1. The Aluminum Company of America (Alcoa) was essentially a monopoly because 2. Governments often have the potential to influence whether firms are monopolies. Governments ordinarily try to promote competition in markets, but sometimes governments take action to block entry into a market. 1. The figure to the right illustrates market demand for a monopoly along with its average total cost (ATC) curve. 4. To have a monopoly, barriers to entering the market must be so high that no other firms can enter. Do network externalities create or remove barriers to entry? Explain. 5. Why does the government issue patents? 6. Give an example of a public franchise and an example of a public enterprise. 7. A firm is likely to be a monopoly if 8. Suppose a small town has only one artist who sells paintings, making that artist a monopoly. One of the artist’s paintings is demanded at a price of $200, two paintings are demanded at a price of $150, three at $100, four at $50, and five if the paintings are given away (with a price of zero). 9. A monopoly’s demand curve 10. Which are more economically efficient, perfectly competitive markets or monopolies? 11. Is the loss in efficiency due to market power large or small? Explain. 12. What effect might market power have on technological change? 13. What is the government’s policy on collusion in the United States? Explain the rationale for this policy. i. [Show More]

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