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Looking at the Cost Side of “Monopoly”

✍ Scribed by Karl Aiginger; Michael Pfaffermayr

Book ID
108516230
Publisher
John Wiley and Sons
Year
2003
Tongue
English
Weight
206 KB
Volume
45
Category
Article
ISSN
0022-1821

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## Abstract Innovation enables monopolists to lower their costs, expand their outputs, and reduce their prices. It is conventional to conclude that social welfare unambiguously increases as a result. Assuming linear demand and marginal cost, this paper shows, however, that innovation raises the opp