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May 15 2009, 12:23 PM EDT
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Change: There were only format changes (bold, italics, etc.) in this version. See this version for details.
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Nov 20 2007, 6:20 AM EST
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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
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(Word count: 472)
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Nov 19 2007, 5:01 PM EST
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andyxu
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41 words added
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Change: : a product's ability to satisfy a large number of consumers at the same timeNetwork effects are increases in the value of a product to each user A factor called "X-inefficiency":X-efficiency occurs when a firm produces output, whatever its
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Nov 19 2007, 10:55 AM EST
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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
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Nov 11 2007, 4:04 AM EST
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Change: be long-lasting, govt can file charges against the monopoly under anti-trust laws. Thus, government breaks up monopolies that are seen to expand.be abusiveIf noit is competitiona emergesnatural frommonopoly, government newwill products,allow theit governemtnto mayprofit thensince decideit to
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Nov 11 2007, 3:31 AM EST
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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
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Nov 5 2007, 7:25 AM EST
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Change: economic inefficiency, and appears to be long-lasting, the governemtn 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
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Nov 1 2007, 9:03 AM EDT
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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
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Oct 31 2007, 8:56 AM EDT
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Change: There were only format changes (bold, italics, etc.) in this version. See this version for details.
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Oct 31 2007, 8:35 AM EDT
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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:
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Oct 31 2007, 6:10 AM EDT
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Change: an effeciency loss occurs (sum of consumer surplus + producer surplus is less than maximum)Income transfer:Cost Complications:A purely monopolistic industry will charge a higher price, produce a smaller output and allocate economic
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Oct 30 2007, 9:40 AM EDT
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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
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Oct 29 2007, 6:12 AM EDT
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andyxu
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Change: Price, Output, and Efficiency:Income transfer:Cost Complications:Assessment and policy options:
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Oct 28 2007, 3:40 AM EDT
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Change: Created by Oct 28 2007, 3:40 AM EDT for: no reason given
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