Monopoly basics발음듣기
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Monopoly basics
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In the last video we saw that if we had a market with perfect competition, and if the current short-term equilibrium price is above the price the necessary or is above the price at which firms would be generating economic profit, then more and more firms would start entering.발음듣기
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Because if the economic profit is positive, then that means it's a better place to use your resources than whatever your opportunity cost is, that you're making profit above and beyond your opportunity cost.발음듣기
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So after a little bit, after one company enters it, or maybe the same firms starts adding more seat miles or adding more planes, than we have another short-term supply curve that looks like that.발음듣기
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And then there's a new equilibrium price that's a little bit lower, and a new equilibrium quantity that's a little bit higher.발음듣기
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Still your equilibrium price was higher than your price necessary for a normal profit, or a zero economic profit.발음듣기
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And it keeps happening until we have a supply curve, where the equilibrium price, where this new short-term equilibrium price, is the same as the price at which everyone is making a normal profit, or the price needed for zero economic profit.발음듣기
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At that point, people are neutral whether they drop out or enter into the market, and so the quantity remains stable.발음듣기
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But this line right over here - let me do this in a new color, let me do it in yellow, this line over here, we've talked about this in previous videos - that's why this line over here we call our long-run supply curve.발음듣기
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Because depending on whether the equilibrium price is above or below this, at some point, supply will enter or exit the system so that we eventually get back to some point along this long-run supply curve right over here.발음듣기
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But let's say that instead of having perfect competition, we live in a country where - and there are countries like this - where they say there's only one air carrier that can do business.발음듣기
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Now when we do that, when we talk about one player as the only player in the market, we are not talking about perfect competition.발음듣기
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So at least in the framework of that board game, of the Monopoly board game, the Parker Brothers board game, you have a monopoly on the blue.발음듣기
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When you have a monopoly, you can then charge higher prices for when someone lands on your space.발음듣기
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And let's say right now the equilibrium price is higher than the price you need to have zero economic profit.발음듣기
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You're not going to have this trend where more and more supply gets on the market until you get to this long-run supply curve.발음듣기
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Even though they're already making some economic profit, they might determine, hey, we can make even more economic profit if we lower the quantity offered even more.발음듣기
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And so then you have a new equilibrium price that is up here, and a lower equilibrium quantity.발음듣기
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I said that the monopolists now, because they don't have to worry about other people entering in to lower the price and get to this normal profit line, because they don't have to worry about that, they can set their quantity to whatever they want.발음듣기
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Or I guess another way you can think about it, they can set their prices to whatever they want and get the corresponding quantity.발음듣기
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