Chapter 15: Monopoly

Part1

There are four basic solutions to handling monopolies: 1. Break it up (through anti-trust laws); 2. Regulate it; 3. Take it over; or 4. Leave it alone.

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Of these four solutions, which one is superior? Why? If your answer is that “it depends,” under what conditions would you favor each possibility?

Also, are there any redeeming qualities of monopolies? What are they?

Part 2:

Vocabulary (describe by your own word)

1. Monopoly

a. Government-Created Monopoly

b. Natural Monopoly

2. Price Discrimination

Questions

1. Demand curves faced by individual firms in a competitive market are thought to be perfectly elastic while the demand curve faced by a monopolist is much steeper.

a. Why do individual firms in a competitive market face a perfectly elastic demand curve?

b. Why do monopolists face a downward sloping demand curve?

c. Compare the MR curves for a competitive firm and a monopolist.

2. In a well-labeled graph, draw the demand, MR, ATC, and MC curves for a monopolist who is making positive economic profit. Be sure to label the monopolist’s optimal level of output, the price it will charge, and shade in the area that represents its profit.

3. Give two examples of price discrimination that are not used in your textbook.

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