Change: competitecompetitive industry assuming they have equal costs. This is because of the entry barriers that characterize monopoly.- However, costs may not be the same for purely competitive producers and monopolistic producers: the unit cost that a monopolist has is either larger or smaller than a purely competitorcompetitive   View changes from previous version. (Word count: 472)

Change: (dead weight loss) occurs (sum of consumer surplus + producer surplus is less than maximum)Income transfer: transfers income from consumers to stockholders who own monopoly monopoly charges a higher price than a PC firm with the same costs Can be seen as a "private   View changes from previous version. (Word count: 431)

Change: governemtngovernment can file charges against the monopoly under the anti-trust laws. If found guilty of monopoly abuse, the firm can either be prohibited from engaging in certain business or be broken into two or more competing firms. If the monopoly is a natural   View changes from previous version. (Word count: 380)

Change: in effect can levy a "private tax" on consumers and get economic profit (this profit is not equally distributed because stock is mostly owned by high-income groups) owners benefit at the expense of the consumers because owners have more income than the consumers, monopoly increases inequality exception: when   View changes from previous version. (Word count: 251)

Change:  Differ:Economics of scalescale:A factor called "X-inefficiency""X-inefficiency":X-efficiency occurs when a firm produces output, whatever its level, at higher than the lowest possible cost of producing it.The need for monopoly-preserving expendituresThe "very long run" perspective, which allows for technological advanceAssessment and policy options:   View changes from previous version. (Word count: 157)

Change: A purely monopolistic industry will charge a higher price, produce a smaller output and allocate economic resoures less efficiently than a purely competite industry assuming they have equal costs. This is because of the entry barriers that characterize monopoly.However, costs may not be the   View changes from previous version. (Word count: 113)

Change: Created by welkerjason Oct 28 2007, 3:40 AM EDT for: no reason given