Monopoly Power And Imperfect Competition

These are all short answer questions. No specific format.

1. Demand vs. Marginal Revenue: A market with a single seller is referred to as a monopoly and the single seller would be referred to as a monopolist. Since a monopolist makes up the entire market, the monopolist can review the overall market demand and pick the price and quantity combination on the market demand curve that maximizes overall profits. If the market demand curve is negatively sloped (as we generally expect it to be) then if the monopolist wants to increase the quantity sold, this can only be achieved by accommodating the buyers by lowering the price (i.e., by moving down along the demand curve). Any firm facing a downward sloping demand curve is known as an imperfect competitor (or as an imperfectly competitive firm). Imperfectly competitive firms (such as monopolists, monopolistic competitors and oligopolists) all face downward sloping demand curves. This means that the marginal revenue (MR, the extra revenue from selling one more unit) is smaller than the price (P) of the last unit sold by the firm. The reason MR < P for a firm with a downward sloping demand is that the firm must cut its price on all the units it sells in order to sell an extra unit of output. Having a clear understanding of how this works is critical for understanding how imperfectly competitive firms operate.


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