The Social Costs of Monopoly Power

1 year ago
Microeconomics

Rent seeking – Spending money in socially unproductive efforts to acquire, maintain, or exercise monopoly.

Natural monopoly – Firm that can produce the entire output of the market at a cost lower than what it would be if there were several firms.

Rate-of-return regulation – Maximum price allowed by a regulatory agency is based on the (expected) rate of return that a firm will earn.

Bijay Satyal
Dec 1, 2021
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