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So far in the book, we’ve studied firms without market power—they are small and take the market price as given. But in this chapter, we look at a situation where there is only one firm in the market: a monopoly. A monopolist recognises that there is a relationship between the quantity produced and the price they can charge for the product. The exercises in this chapter will help us better understand the factors that determine the monopolist’s choice of price and quantity—and the consequences of monopoly power for society.

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Monopoly

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  • 发表日期：

    2026年

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  • Kjetil Bjorvatn

摘要

So far in the book, we’ve studied firms without market power—they are small and take the market price as given. But in this chapter, we look at a situation where there is only one firm in the market: a monopoly. A monopolist recognises that there is a relationship between the quantity produced and the price they can charge for the product. The exercises in this chapter will help us better understand the factors that determine the monopolist’s choice of price and quantity—and the consequences of monopoly power for society.