By Charles K. Rowley
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Hence, we find ACm coinciding with ACpc, and MCm marginal to it. The effects of external economies or diseconomies on the shape of ACpc are additive with the effects of the other two determinants discussed. Those two are, as we saw, rather similar; in a sense they are substitutes for one another. In any case, it is easy to say in qualitative terms how each of the three will affect the relationship between MCm and ACpc even when all are present. By now it is quite clear that the MCm curve relevant for the analysis of monopoly price and output policy may bear any of a wide variety of relationships to the ACpc curve, depending on the situation.
152) concluded that monopoly output could never exceed purely competitive output unless the average cost curve was downward sloping. This seems to be incorrect. 22 R. A. Berry efficient manner) plus the loss resulting from the fact of socially inefficient combining of the factors. (The latter is not shown diagrammatically. e. either different factors must have different supply elasticities to the industry or the industry must switch to less productive factors as output rises. ) If we assume factor supplies are all perfectly elastic to the industry, then we know (see p.
1 is a measure of the welfare difference between monopoly-monopsony and pure competition, it is assumed that the monopolized industry would have to pay all the rents paid by the purely competitive one. 7 This, in general, is a necessary but not a sufficient condition to ensure that ACpc and ACm will coincide. ) It is necessary since in any situation in which the monopolist does not pay all the rents which the purely competitive industry would have to pay he can, even by using the 6 In Fig. 2B the loss to factor suppliers from the discrete price change (PI TSP2) appears greater than the gain to consumers (PlRSP2) because we have not included the area RTS as part of the consumer's surplus.