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Why Is Monopolies Harmful And How Can Regulation Ameliorate These Harmful Effects?
Part 1 of Paper
....l? How can regulation ameliorate these harmful effects?
What problems confront the regulators?
In order to deduce that a monopoly is ‘harmful', there must be another market
system which is preferable to monopoly so as to offer greater benefits to the
public. A monopoly can therefore be compared to perfect competition.... Part 2 of Paper
.... existed under perfect competition however, the price would be Ppc and
output would be Qpc since under perfect competition P=MC=AR. The price in such a
situation would thus be lower than under monopoly and output would be greater.
Consumers obviously benefit if this is the case since P=MC implies P=Marginal
utility so that consumers are maximising their total utility(Under monopoly P>MC
and therefore arguably, not the optimum).
In the long run under monopoly, supernormal profits persist. Under .... |
| Number of words: 876 - Approximate pages: 4 |
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