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Economic theory suggests that monopoly prices hurt consumers but benefit shareholders. But in a world where individuals …
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This is a survey of the economic principles that underlie antitrust law and how those principles relate to competition policy. We address four core subject areas: market power, collusion, mergers between competitors, and monopolization. In each area, we select the most relevant portions of...
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This paper develops a theory of oligopoly and markups in general equilibrium. Firms compete in a network of product …
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economics. Rather than aiming to be a full-blown model of real-world competitive markets, the perfect competition model isolates … mechanism of this coordination is valuable for economic thinking and economic theory. However, the implications of the perfect … distinguishable types. This contribution explains absolute market power (single-firm monopoly and dominance), collective market power …
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