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Monopoly

In: Industrial Organization

Author

Listed:
  • Pak-Sing Choi

    (National Central University)

  • Eric Dunaway

    (Wabash College)

  • Felix Muñoz-Garcia

    (Washington State University)

Abstract

This chapter explores monopoly models, where a single firm operates in an industry. We first study the output decisions of this type of firm in a simplified setting with linear demand and constant marginal costs. Exercise 1.2 then extends our analysis to a context where the monopolist faces a convex cost function (i.e., increasing marginal costs) which may occur when, intuitively, producing further units becomes increasingly expensive. Exercises 1.3 also examine more general environments where the firm faces a generic inverse demand function and a generic cost function, while Exercise 1.4 focuses on settings where the monopolist faces a convex, concave, or linear demand.

Suggested Citation

  • Pak-Sing Choi & Eric Dunaway & Felix Muñoz-Garcia, 2023. "Monopoly," Springer Texts in Business and Economics, in: Industrial Organization, edition 2, chapter 0, pages 1-59, Springer.
    • Handle: RePEc:spr:sptchp:978-3-031-38635-0_1
    DOI: 10.1007/978-3-031-38635-0_1
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