Antitrust And Monopoly: Anatomy of a Policy Failure - download pdf or read online

By Dominich Armentano

ISBN-10: 0945999623

ISBN-13: 9780945999621

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Sample text

Product differentiation, especially a differentiation that increases prices, can act as a barrier to entry only if consumers prefer that differentiation, and are willing to pay the presumably higher prices associated with, say, new annual auto style changes. If consumers do not prefer such changes and instead reward the firms that change styles less often, or not at all, then product differentia­ tion could hardly act as a barrier to entry. Indeed, in the case just suggested, differentiation would be an open invitation to entry and to a more rivalrous competition.

O PM is the monopoly price and is higher than the competitive price for reasons ex­ plained previously. It should be clear that if governmental antitrust regulation could prevent or reduce this monopoly power, it could, consistent with this perspective, improve economic performance and allocative efficiency by lowering prices and increasing output. 13 The basic economic model outlined above can be broadened to highlight the economic effects, and regulatory implications, of business collusion, merger, deconcentration, and increased business efficiency.

It should be clear that if governmental antitrust regulation could prevent or reduce this monopoly power, it could, consistent with this perspective, improve economic performance and allocative efficiency by lowering prices and increasing output. 13 The basic economic model outlined above can be broadened to highlight the economic effects, and regulatory implications, of business collusion, merger, deconcentration, and increased business efficiency. If, for example, monopoly power established through collusion or horizontal merger threatens to reduce output and increase prices, resources would be misallocated and so­ cial welfare would be reduced (as explained above).

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Antitrust And Monopoly: Anatomy of a Policy Failure by Dominich Armentano


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