III. UNIT III

1. III. UNIT III A. PRICE AND OUTPUT--MONOPOLY 1. Recognition of monopoly 2. Revenue profile of pure monopoly 3. Short run a. Equilibrium b. Implications--allocative inefficiency 4. Long run implications:Technical or productive efficiency 5. Regulated monopoly

2. COST/ REV. LRAC LRMC D MR OUTPUT

3. COST/ REV. LRAC PRICE LRMC (WITH NO REG.) D MR OUTPUT OUTPUT (WITH NO REG.)

4. COST/ REV. LRAC LRMC D MR OUTPUT

5. COST/ REV. LRAC LRMC FAIR RETURN PRICE D MR FAIR OUTPUT RETURN OUTPUT

6. COST/ REV. LRAC LRMC D MR OUTPUT

7. COST/ REV. LRAC LRMC SOC. OPT. D MR PRIC OUTPUT E SOC. OUTPUT OPT.