Chapter

Eighteen:

Markets with
Market Power
Pure Monopoly: One Seller
Table 18.1: Marginal Revenue for a Monopolist
Figure 18.1: Monopoly Profit Maximization
Figure 18.2: The Welfare Costs of Monopoly Power
Figure 18.3: Price Discrimination
Figure 18.4: Perfectly Price-Discriminating
Monopolist
Monopolistic Competition
Figure 18.5: The Effect of the Entry of New Firms
on a Monopolistically Competitive Firm
Oligopoly
Figure 18.6: A Payoff Matrix
 Imperfect Competition in
Agriculture and Health Care
Figure 18.7: Impact of Agricultural Subsidies
Summary and a Final Note
Table 18.2: Summary of Traditional Market
Structures
Appendix: Formal Analysis
of Monopoly and
Monopolistic Competition
Figure 18.8: Monopoly Profits
Figure 18.9: Zero Economic Profits for a
Monopolistically Competitive Firm