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| Social control took to form of antitrust(antimonoploy) legislation designed to inhibit or prevent the monopoly. |
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A. illegal to have contract that restrains trade B. illegal too attempt monopoly |
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A. can't price discrimnate to lessen competition B. no tying contracts C. no significant stock acquistion in conyeting company D. can't be on boards od competing companies |
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Federal Trade Comission Act FTC |
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| joint responsiblity with U.S. Justice Department for enforcing laws. Gave FTC power to investigate unfair competition practices |
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| unfair methods of competition in commerce. |
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| Celler-Keauver Act of 1950 |
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amended the Clayton Act closed the loophole by prohibiting anticompetitive mergers |
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1911 Standard Oil Case -guilty of monopolizing the petroleum industry through anti-competitive actions. 1920 U.S. Steel case- rule of reason- "not every monopoly is illegal". Alcoa case of 1945- gulity of violating the Sherman Act 1956 Du Pont- not gulity |
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| "free rein" no government intervention, creative destruction mergers |
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| between companies selling same |
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| between companies selling in production process |
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| between companies in unrelated industries |
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| factors that prohibit firms from entering an industry |
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Single seller No close subs Price Maker Blocked entry Non-price competition |
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| exclusive right of inventor to use or allow another to use his/her invention. |
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produce less charge more most always make a profit |
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| Price discriminating monopolist |
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Definition
monopoly power segement market no resale |
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Natural Monopoly Public Ownership Public Regulation Social Regulation |
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Product Attributed Services Location Brand Names/Packaging |
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few producers can ask like a monopoly |
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Noncollusive Collusive ( illegel in thre United States) Price Leadership (LEGAL) |
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the monopolist is a price maker the monopolist sets price in the elastic region of demand Monopolist demand curve is downsloping and its marginal revenue curve lies below its demand curve |
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An oliopoly is made up of relatively few firms producing either homogeneous or differentiated products these firms are mutally independent. |
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Definition
Kinked demand curve is highly elastic above the going price |
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