General Principles of Price Setting in Competitive and Monopolized Markets

Alexei Verenikin

Voprosy Ekonomiki, 2005, issue 10

Abstract: The author uses microeconomic approach to compare optimal price, input and output quantity setting for a firm in a competitive industry and with market power. Revealed profit maximization principle is applied to draw a conclusion that production technology plays a fundamental role in cost determination for a monopoly and a competitive firm. Production technology is a key factor that promotes both centrifugal, contending and centripetal, integrative trends in a modern economy.

Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:nos:voprec:y:2005:id:1506

DOI: 10.32609/0042-8736-2005-10-56-71

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