The Restoration of Pure Monopoly and the Concept of the Industry

Mancur Olson and David McFarland

Chapter 16 in Readings in Industrial Economics, 1972, pp 236-256 from Palgrave Macmillan

Abstract: Abstract This paper is designed to show that the concept of ‘pure monopoly’ and the concept of ‘industry’ can be given precise theoretical definitions, and to argue that these concepts, which some modern economists reject, deserve prominent places in the theory of market structure. These concepts have been wrongly rejected, this article argues, because an excessive reliance on elasticity and cross-elasticity of demand has obscured important aspects of market structure theory.

Keywords: Marginal Cost; Market Structure; American Economic Review; Demand Curve; Competitive Industry (search for similar items in EconPapers)
Date: 1972
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-15484-5_16

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DOI: 10.1007/978-1-349-15484-5_16

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