Episode Synopsis "9. Monopoly and Competition"
The words monopoly and competition have been changed. Competition meant rivalry or competing, either active or potential. Businesses do not like this. Monopoly meant a grant of privilege by the government. It now means a falling demand curve. Government creates crazy regulations and the market works to get around them. Cheaper consumer products are better. It's difficult to sustain quotas - cartel agreements; everybody cheats. Cartels break up in the free market unless government intervenes and props them up.Part 9 of 14. Presented in 1986 at New York Polytechnic University.
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More episodes of the podcast Introduction to Microeconomics
- 1. Intro to Micro: Demand and Supply
- 2. Value
- 3. The Determination of Prices
- 4. Price Controls in the Oil Industry
- 5. Minimum Price Controls
- 6. Government Licensing of Industry and Minimum Wage
- 7. Mid-Term Review and The Theory of the Firm
- 8. The Firm
- 9. Monopoly and Competition
- 10. Government Cartels
- 11. The Structure of Production
- 12. Labor and Unions
- 13. The Labor Market
- 14. Interest Rates and Course Review