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wk7.pdf-Monopoly & Price Discrimination Ram Shivak...
wk7.pdf-Monopoly & Price Discrimination Ram Shivakumar
wk7.pdf-Monopoly & Price Discrimina...
wk7.pdf-Monopoly & Price Discrimination Ram Shivakumar
Page 37
37
Lessons
Monopolies survive because of
barriers
to entry
To maximize profits, a
single-price
monopolist sets MR = MC
But P
≠
MR for a monopolist
Consequently, a monopolist under-produces (relative to a competitive market)
and is
socially inefficient
Price discrimination involves
differential
pricing
1
st
degree PD is a
benchmark
2
nd
degree PD depends on
self-selection
3
rd
degree PD requires groups to be effectively
segregated
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