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Cited by 985

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The Concept of Monopoly and the Measurement of Monopoly Power

Lerner, A.·1995·Essential Readings in Economics
DOI 10.1007/978-1-349-24002-9_4
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Abstract

Monopoly, says the dictionary, is the exclusive right of a person, corporation or state to sell a particular commodity. Economic science, investigating the economic aspects of this legal right, found that they all resolved themselves into the implications of the power of the monopolist — as distinguished from a seller in a competitive market — arbitrarily to decide the price of the commodity, leaving it to the buyers to decide how much they will buy at that price, or, alternatively, to decide the quantity he will sell, by so fixing the price as to induce buyers to purchase just this quantity. Technically this is expressed by saying that the monopolist is confronted with a falling demand curve for his product or that the elasticity of demand for his product is less than infinity, while the seller in a purely 2 competitive market has a horizontal demand curve or the elasticity of demand for his product is equal to infinity.

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Metadata

Authors
Lerner, A.
Venue
Essential Readings in Economics
Publisher
Macmillan Education UK
Published
1995
Pages
55-76
DOI
10.1007/978-1-349-24002-9_4
OpenAlex
W2044558565
Cited by
985
References
0
FWCI
55.20
Type
book chapter
Language
en
Open access
closed

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CoChat. (2026). Citation check: The Concept of Monopoly and the Measurement of Monopoly Power. https://app.cochat.ai/papers/10.1007/978-1-349-24002-9_4
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Lerner, A. (1995). The Concept of Monopoly and the Measurement of Monopoly Power. Essential Readings in Economics. https://doi.org/10.1007/978-1-349-24002-9_4

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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.