Microeconomics (Christopher T.S. Ragan) (z-lib.org)

to the left; a fall in the price of inputs makes production more profitable and therefore shifts the supply curve to the right. ...

to impose unsustainable losses on a new entrant—to heavy brand-name advertising. (These and other created entry barriers will be ...

curve to the right. As we will see in later chapters, governments often levy special taxes on the production of specific goods, ...

The Very Long Run and Creative Destruction In the very long run, technology changes. New ways of producing old products are inve ...

a reduction in the price of oats leads to an increase in the supply of wheat. An excellent example in which two products are com ...

compete with the provider of local land-line telephone services without having to establish an expensive network of wires, thus ...

For given prices and technology, the total amount of any product supplied depends on the number of firms producing that product ...

Disruptive Technologies and Creative Destruction Seventy-five years ago, Joseph Schumpeter coined the phrase “creative destructi ...

A change in quantity supplied can result from a change in supply with the price constant, a movement along a given supply curve ...

twentieth century. In the 1960s the airplane eliminated the ocean liner as a means of long-distance travel (but not for holiday ...

The Consequences of Price Discrimination So far we have considered demand and supply separately. We now come to a key question: ...

Schumpeter argued that this process of creative destruction reflects new firms’ abilities to circumvent entry barriers that woul ...

2. There must be a large number of producers of the product, each one small relative to the size of the market. 3. Producers mus ...

extends, however, to any market structure that allows profits to exist in the long run. Today, pure monopolies are few, but ther ...

The Concept of a Market copper, wheat, oil, natural gas, lumber, newsprint, beef, pork, etc. But it is not satisfied in the mark ...

10.2 Cartels and Monopoly Power So far in our discussion, a monopoly has meant that there is only one firm in an industry. A sec ...

Originally, the term market designated a physical place where products were bought and sold. We still use the term this way to d ...

crude oil and thereby increased the world price of oil by nearly 300 percent. In 1979, further output restrictions led the price ...

Figure 3-7 The Equilibrium Price of Apples Long-Run Equilibrium The table in Figure 3-7 brings together the demand and supply sc ...

DeBeers controls approximately 30 percent of the world’s supply of diamonds through its Diamond Trading Company. Janis Christie/ ...