Wiki Revision: A to Z on Monopoly

Here is a revision idea. Take a broad topic - in this case the economics of monopoly - and get students to enter items for an A to Z on that topic. Here is an A-Z relating to monopoly, I am sure we have missed out lots of ideas, can you add some in? If so please leave a comment!

A Allocative efficiency, abnormal profit
B Barriers to entry and exit, BAA - forced to sell some airports, brand loyalty
C Concentration ratio - a measure of monopoly power, collusive behaviour
D Deadweight loss of welfare, dynamic efficiency from R&D, De Beers - concentrated monopoly
E Equity issues - e.g. impact of monopoly on real incomes of poorer consumers
F First mover advantage in a market can give early entrants a head start over rivals
G Globalisation - can help to break down monopoly but also create powerful global brands
H Horizontal integration - merger/takeover between two firms at same stage of production
I Innovation in imperfect competion - who innovates more - a pure monopoly or an oligopoly?
J Jet, Easy - a low cost airline that helped to break the monopoly of scheduled airlines
K Kinked demand curve in an oligopoly
L Lock ins - e.g. consumer contracts for mobile phones, helps to reinforce market share
M Minimum efficient scale - high MES relative to demand suggests concentrated market
N Natural Monopoly - falling LRAC over large range of output, nationalised monopolies
O Office of Fair Trading - cartel-buster, investigating anti-competitive behaviour, organic growth
P Price discrimination, patents, price-capping, peak and off-peak pricing, producer surplus
Q Quantity produced restrictions, to ensure MC=MR - impact on welfare and profits
R Regulators - intervening in markets such as Royal Mail, Rail, Water, Gas and Electricity
S Supernormal profit in long run, sunk costs and exit barriers
T Takeover – when one firms acquires another to increase market share (horizontal, vertical)
U Underground - a natural monopoly? Think about importance of sunk costs.
V Variable costs - higher variable costs will lead to higher prices - depends on Ped
W Working monopoly - any firm with greater than 25% of the industries’ total sales
X X Inefficiencies if there is a lack of competition in a market
Y Yell - still has a dominant position in the directory market and is subject to price capping
Z Zero sum game, market share is a zero sum game - the battle for market dominance

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