publication . Article . Part of book or chapter of book . Other literature type . 1934

The Concept of Monopoly and the Measurement of Monopoly Power

Abba P. Lerner;
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  • Published: 01 Jun 1934 Journal: The Review of Economic Studies, volume 1, pages 157-175 (issn: 0034-6527, eissn: 1467-937X, Copyright policy)
  • Publisher: Oxford University Press (OUP)
Abstract
Monopoly, says the dictionary, is the exclusive right of a person, corporation or state to sell a particular commodity. Economic science, investigating the economic aspects of this legal right, found that they all resolved themselves into the implications of the power of the monopolist — as distinguished from a seller in a competitive market — arbitrarily to decide the price of the commodity, leaving it to the buyers to decide how much they will buy at that price, or, alternatively, to decide the quantity he will sell, by so fixing the price as to induce buyers to purchase just this quantity. Technically this is expressed by saying that the monopolist is confron...
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doi: 10.2307/2967480 , 10.1007/978-1-349-24002-9_4 , 10.1007/978-1-349-15492-0_1
Subjects
ACM Computing Classification System: TheoryofComputation_MISCELLANEOUS
free text keywords: Economics and Econometrics, Perfect competition, Demand curve, Exclusive right, Microeconomics, Monopoly, Corporation, Economics, Commodity, Lerner index, Price elasticity of demand
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Other literature type . 1934
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