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Class 1 Whiteboard Antitrust, Fall, 2012 Monopoly Power

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1 Class 1 Whiteboard Antitrust, Fall, 2012 Monopoly Power
8/1/2019 Class 1 Whiteboard Antitrust, Fall, Monopoly Power Randal C. Picker Leffmann Professor of Commercial Law The Law School The University of Chicago Copyright © Randal C. Picker. All Rights Reserved.

2 Copyright © 2000-12 Randal C. Picker
8/1/2019 Demand Curve Idea: Consumers will buy more at lower prices P Q Demand Curve 10 P = 10 – Q August 1, 2019 Copyright © Randal C. Picker

3 Copyright © 2000-12 Randal C. Picker
Competitive Outcome: Price = Marginal Cost 8/1/2019 P Q Demand Curve 10 Consumer Surplus P = 10 – Q MC = 4 PC TR & TC Marginal Cost QC August 1, 2019 Copyright © Randal C. Picker

4 Monopoly Outcome: Marginal Revenue = Marginal Cost
8/1/2019 P Q Demand Curve 10 CS P = 10 – Q PM Profits DWL MC = 4 MR = 10 – 2Q PC TC Marginal Cost QM QC Marginal Revenue

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