Monopoly

Steven E. Landsburg

Chapter 10 in Price Theory and Applications, 2024, pp 387-438 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Is Microsoft a monopoly? Let’s start by asking what the word means. Etymology suggests (and popular usage affirms) that a “monopoly” is a single seller, the only firm in its industry. Well then, is Microsoft a single seller? Obviously, Microsoft is the only firm that sells Microsoft Word. Equally obviously, Microsoft is not the only firm that sells word processors. So whether Microsoft is a single seller depends on how narrowly you define the market…

Keywords: Microeconomics; Price Theory; Supply and Demand; Demand Curve; Adverse Selection; Budget Line; Indifference Curve; Common Property; Competition; Competitive Industry; Constant-cost Industry; Consumer Surplus; Producer Surplus; Social Gain; Social Welfare; Efficiency Criterion; Economic Efficiency; Cost; Price; Deadweight Loss; Price Ceiling; Tariff; Rationing; Quotas; Equimarginal Principle; Price Discrimination; Monopoly; Two-part Pricing; Two-part Tariff; Fishery; Collusion; Income Effect; Substitution Effect; Normal Good; Inferior Good; Giffen Good; Externality; Property Right; Coase Theorem; Transactions Cost; Law of Demand; Marginal Cost; Marginal Revenue; Marginal Value; Market Failure; Moral Hazard; Nash Equilibrium; Normative Criterion; Positive Economics; Oligopoly; Hayek; Social Cost; Economics of Information; Sales Tax (search for similar items in EconPapers)
JEL-codes: D D04 D4 L11 (search for similar items in EconPapers)
Date: 2024
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