Monopoly basics

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Monopoly basics발음듣기

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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 more and more people enter it.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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And that keeps happening.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 so more people enter still.발음듣기

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And so we have another short-term supply curve.발음듣기

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And we move further to the bottom right of this demand curve.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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And so that's why we view each of these curves over here as our short-run supply curves.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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Now, this was assuming perfect competition.발음듣기

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Many players, identical products, we did it for air travel, no barriers to entry.발음듣기

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Let's think about what happens if we have the exact opposite of perfect competition.발음듣기

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So we're going to start at the same point.발음듣기

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We're going to start there.발음듣기

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So we're going to start at the green supply curve.발음듣기

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And we have this orange demand curve.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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It is the national air carrier in our country.발음듣기

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And so instead of many players, we now have one player.발음듣기

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And then obviously, it's identical product.발음듣기

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Well, they only have one product, one player.발음듣기

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Huge barriers to entry.발음듣기

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No one else.발음듣기

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You could also say infinite barriers to entry.발음듣기

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No one else by law is allowed to enter into this.발음듣기

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So I'm going to the extreme case.발음듣기

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And obviously, there is the ultimate advantage for the existing player.발음듣기

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They are the one that the government is allowing to participate.발음듣기

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And price information, we don't really care about.발음듣기

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There's only one price quote coming from one player.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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We are then talking about a monopoly.발음듣기

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And it is the same word as perhaps one of your favorite board games.발음듣기

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And the point of that board game is to own all of the properties of one of those colors.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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If you own Park Place and Boardwalk, you have a monopoly on that part of the market.발음듣기

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So then that's what you try to do.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 something very similar will happen here.발음듣기

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Now, we only have one player.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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So you have one player, and that player is definitely getting some serious economic profit.발음듣기

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Well, they can just sit there, because no one else can enter.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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In fact, there will not be this long-run supply curve.발음듣기

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The long-run supply curve is whatever, frankly, the monopolist decides they want to do.발음듣기

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If this is where their profits are optimized, they'll do there.발음듣기

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In fact, they can even go the other direction.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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So they might even take supply out of the market.발음듣기

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And so they could have a new supply curve that looks like this.발음듣기

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And we have a new equilibrium price that is even higher.발음듣기

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And it's at a lower equilibrium quantity.발음듣기

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They could even do it more.발음듣기

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They could even raise price 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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So clearly, when you have a monopoly, something not so good is happening for the consumer.발음듣기

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They're able to raise price.발음듣기

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It's actually not even efficient, because the optimal quantity is not being produced.발음듣기

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But I want to leave you there and maybe leave you with something to think about.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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But the question is, how do they set that?발음듣기

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How would they determine where along this curve that they would like to either set the price, or I guess you could say set the quantity by limiting production in some way?발음듣기

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