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So can you now summarise the advantages and disadvantages of monopoly? Have a think about them, jot them down and then follow the link to compare your notes with ours. Competitive markets are considered to be statically efficient - both allocatively and productively.
Dynamic efficiency is another matter. This has been done, but a number of problems arise over funding levies and charges. Concentrated markets, on the other hand, are considered to be inefficient in the short-run. They are statically inefficient, even though their AC may be significantly lower than their smaller 'perfectly competitive' equivalent.
In the diagram below, which area represents the level of consumer surplus under perfect competition? In the diagram below, which area represents the level of consumer surplus under monopoly?
In the diagram below, which area represents the welfare loss if a monopolist takes over a perfectly competitive industry? Economic efficiency in perfect competition and monopoly Productive efficiency Productive efficiency refers to a situation in which output is being produced at the lowest possible cost, i.
Figure 1 Equilibrium in perfect competition and monopoly The diagrams in Figure 1 show the long run equilibrium positions of the firm in perfect competition and the monopolist. Allocative efficiency Allocative efficiency occurs where price equals marginal cost in all parts of the economy. Then think about the marginal cost of producing the good as representing not just the cost for the firm, but more broadly as the social cost of producing that good. When perfectly competitive firms follow the rule that profits are maximized by producing at the quantity where price is equal to marginal cost, they are thus ensuring that the social benefits they receive from producing a good are in line with the social costs of production.
To explore what economists mean by allocative efficiency , it is useful to walk through an example. Now, consider what it would mean if firms in that market produced a lesser quantity of flowers. In that situation, the benefit to society as a whole of producing additional goods, as measured by the willingness of consumers to pay for marginal units of a good, would be higher than the cost of the inputs of labor and physical capital needed to produce the marginal good.
In other words, the gains to society as a whole from producing additional marginal units will be greater than the costs. In that case, the marginal costs of producing additional flowers is greater than the benefit to society as measured by what people are willing to pay. For society as a whole, since the costs are outstripping the benefits, it will make sense to produce a lower quantity of such goods.
We should view the statements that a perfectly competitive market in the long run will feature both productive and allocative efficiency with a degree of skepticism about its truth. Thus, a homeless person may have no ability to pay for housing because he or she has insufficient income.
Perfect competition, in the long run, is a hypothetical benchmark. For market structures such as monopoly, monopolistic competition, and oligopoly, which are more frequently observed in the real world than perfect competition, firms will not always produce at the minimum of average cost, nor will they always set price equal to marginal cost. Thus, these other competitive situations will not produce productive and allocative efficiency.
Moreover, real-world markets include many issues that are assumed away in the model of perfect competition, including pollution, inventions of new technology, poverty which may make some people unable to pay for basic necessities of life, government programs like national defense or education, discrimination in labor markets, and buyers and sellers who must deal with imperfect and unclear information.
We explore these issues in other chapters. However, the theoretical efficiency of perfect competition does provide a useful benchmark for comparing the issues that arise from these real-world problems. A quick glance at Figure reveals the dramatic increase in North Dakota corn production—more than double.
Taking into consideration that corn typically yields two to three times as many bushels per acre as wheat, it is obvious there has been a significant increase in bushels of corn. Why the increase in corn acreage? Converging prices.
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