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Lecture Notes for ECON 115 - Introductory Microeconomics at Yale (Yale)

Notes Information

Material Type:Class Note
Professor:Staff
Class:ECON 115 - Introductory Microeconomics
Subject:Economics
University:Yale University
Term:--
Keywords:
  • Public Utilities
  • Public Ownership
  • Small Number
  • Government Regulation
  • Price Discrimination
  • Monopoly Power
  • Natural Monopoly
  • Economic Cost
  • Technological
  • Discrimination
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Sample Document Text

Monopoly 1. Types of market structure 2. The diamond market 3. Monopoly pricing 4. Why do monopolies exist? 5. The social cost of monopoly power 6. Government regulation 7. Price discrimination 1 Announcements . We are going to cover sections 10.1-10.4, sections 11.1-11.2, and for all practical purposes skip chapter 12. . Ben Friedman will speak in class on March 23 on his book The Moral Consequences of Economic Growth 2 Types of Market Structure In the real world there is a mind-boggling array of di?erent markets. . In some markets, producers are extremely competitive (e.g. grain) . In other markets, producers somehow coordinate actions to avoid di- rectly competing with each other (e.g. breakfast cereals) . In others, there is no competition (e.g. flights out of Tweed-New Haven airport). In general we classify market structures into four types: . perfect competition - many producers of a single, unique good. . monopoly - single producer of an unique good (e.g. cable TV, diamonds, pa...

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