Monopoly

1. 14 CHAPTER Monopoly

2. Figure 14.1 Natural Monopoly Demand and Marginal Revenue Figure 14.2 Marginal Revenue and Elasticity: Demand and Marginal Revenue Figure 14.3(a) Marginal Revenue and Elasticity: Total Revenue Figure 14.3(b)

3. Table 14.1 A Monopoly’s Output and Price Decision A Monopoly’s Profit-Maximizing Output and Price: Total Revenue and Total Cost Figure 14.4(a) A Monopoly’s Profit-Maximizing Output and Price: Demand, Marginal Revenue, and Marginal Cost Figure 14.4(b) Figure 14.5 Monopoly’s Smaller Output and Higher Price The Inefficiency of Monopoly: Perfect Competition Figure 14.6(a)

4. The Inefficiency of Monopoly: Monopoly Figure 14.6(b) Figure 14.7 Rent-Seeking Equilibrium Figure 14.8 A Single Price of Air Travel Figure 14.9 Price Discrimination Figure 14.10 Perfect Price Discrimination