Market Power: Monopoly and Monopsony

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Ckapter (OD Ourket Power: Ovuwpoly uct Ovwpsow 

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لحعجصمح() عا با ‎Vopios‏ *® Oowpol ® Qowpol) Power ® Gourves oP Oowwpoly Power ® Dke Goon Costs ‏خام‎ Ovupoly Power ۱ Cheer 0 Oke S 

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لحعجصمح() عا با ‎Vopios‏ ® Oowpsow ® Qowpsow Power a Licvittoey Docket Power Mhe @Butitcust bows Cheer 0 Oke SD 

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erect Cowprtiica a Review ve PerPent Covwpetiios ‏و‎ 6 =LOC 2 0 ‏تا مر و‎ or ‏جما جملا جا جاصام وه‎ تسم اوه له رنه امه مورا و اس بر © سم تا ‎Parent‏ © © ies isu prive toher Cheer 0 Oke 

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00 @O=OR=0 a 

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Opvupoly ® Oowpoly 0) Ove seller - woop buyers Cheer 0 Oke Oo 

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Opvupoly ® Phe woupolst is the supply-side oP the wourket ced has cowplete poutrol over the oud oPPered Por sue. ® ih its wil be woxtvized at the bevel oP vulput 1 0 6 

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Opvupoly a CPicrcicrey Orgel Revenue © the svle producer, the wounpolist works wi the wourket dewoed to ‏توص‎ Dulput ocd price. تام ار اه ‎penne‏ © ‎*P=9-Q‏ Cheer 0 Oke O 

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Oke SO 0۳۷ 0 0 -0 0 0 0 60 $S 56 qd $0 م $9 OR Porat Daye ‏عمسو«‎ ‎Pre ‏ره‎ Qevewe Qevene Qevene R Tord, Oaryed, ued ‏عمهرو۲) مس‎ © 

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Opvupoly ® Observatives 0) ۱۱ ‏ججدصعصوا‎ sules the price wust Pall 8) 0 9) Covwwpured to perPevt cowpetiivs * Oo choo iu prive to choo soles *DR=P Cheer 0 Olde 0 

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Opvupoly a Ovwwpolst’s Output Ovvisiva (۹ ot the vutput tevel where DR = DC a(Q)=RQ- CQ) Aa /AQ=AR/AQ- AC/AQ=0=MC- MA orMC=MR 

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Ourxjical Oost Vke Ovopolst’s Ouput Oevisiva # ®t vutput levels below DR = OC the devreuse it revedue is yreuter thod the ‏مود‎ it post (DR > MC). ®t cutput levels above OR = OC te iwreue ‏جز‎ post is ~reuter thea the devreuse in revedue (OR < MC) 

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QMurqcd Cost 

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Oke IS 

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Opvupoly The QOvuwpotst’s Ouput QOevisivn Mee eee Demané (Q) =40- Q 710 - 200-400 2 ۸۲ \ ۳0 -40 20 0۳ 

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Opvupoly The QOvuwpotst’s Ouput QOevisivn " Bu Cxarople MR=MCor40- 20=20 0-0 \ Wher@=10, P=30 0۳ 

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Opvupoly Vke Ooupolst’s Ovuput Oevsiva ® Ou Cxanple ‎equal ty worse‏ مهس مروت ری رل و ‎ooo be verted that probit is woxievized ot‏ از ‎vost,‏ ‎P =$90 wrt Q= (0.‏ ‏متام مس با میس ‎Dhis‏ © ‎ ‎ ‎Cheer 0 ۵۷» 0 ‎ ‎ ‎ 

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Cxavple oP ProPit Ouxieetzation © Observatiods Gbpe oP r= slope ov’ ord fey ore pardel of UO vats © Probie ore waxtvized a ID ‏عم‎ ۰ ۵-990, 0 2 0, DR =P x Q = $300 © oC 8909, 0 < 0 DC ( 0 ۶ 00 ۰ ۳۱۶۸0 ۰ 5090 = $900 - 90190 

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© Observaiow ٠ ‏نق‎ - 506, 0 - 00, MC ۶ 00*0 2 0 » Profi = 0 2 0 ۶ 56000 - 50600 2 00 or © Prfi=(P -OC) xQ= ($9 - $49)(A) = 5060 

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Opvupoly =O Que oF Dhowb Por Prictcgy لت سا سلجم با مور بل و ‎revenue should equal warded ost ito a nite pe‏ he ‏بات‎ وه ی لا مایا be dewoustrated usiccy © This cot ‏اد‎ 

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® Rut oP ‏طاری(۳؟‎ Por Pricing AR _A(PQ. ۸0 AQ 2. MR= P+ OF = Pe ‏داد‎ \ 3.E, = 7 fA 1. MR=— AP AQ Obde OF 

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@ Rue oP Thurob Por Prictery 4 Zell Pool =z, ادج ‎MR=‏ .5 رت Cheer 0 Obte OS 

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® Rut oP ‏طاری(۳؟‎ Por Pricing 6.2 is woxivized @OR =OC dala eel OC \ 0 Cheer 0 ‏ی‎ + 5 

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® Rut oP ‏طاری(۳؟‎ Por Pricing 7 - a = the workup per OC usu 0 7۳۷۲۲۲۹ 1۳ ))<-۳0 yr 8. The workup should equ the 

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® Rut oP ‏طاری(۳؟‎ Por Pricing ‎ees‏ یر ‎1+( %,] ‎Assume ‎FE, =-4 Mc=9 ‎9 9 P= Se \ 1+12 ‏پم‎ 75 0۳ ‎Oke CO ‎ 

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Opvupoly ® Oowwpel priviay powpared ty perPert ‏:كأصاسام ما‎ © ‏دمصت(‎ ‏مع‎ < 00 © Perbect Orwpetion ‏دمع‎ 00 Cheer 0 Obte SS 

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Opvupoly ® Dopo) privicy powpuned to perPect Dow petitiog pricing: © Phe wore elosiic the dewued the closer prive is 17 OP Cy is charge weyuive suber, prive is close to Cheer 0 ۵» 0 

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Q®sire-Oerck Prices Privsev The Ovowpotst’s Ouput Devsioa =(99S © Prive vP Privsev = $9.60 /daily dose © Prive oP ‏مور له امین‎ > 9090 - $8.0S Maly dose © DOP Proser = OO - FO ceutshdaly dose 

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Q®sire-Oerck Prices Privsev The QOvuwpotst’s Ouput QOevisivn ‎esos‏ ل ‎lye) 1+]1/- 1‏ ‎MC ‎۳ ‏1و9‎ =$3.89 ‎"Price of 99.60 ts costed wi “Ge ne oP truspb pricy” ‎ ‎Cheer 0 Obte SE ‎ ‎ ‎ 

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Opvupoly " ‏دز حتاو‎ Oewaed 040 ‏خر‎ powpetticd, the warket supply purve ts ‏لول‎ by ‏.أعصت موه‎ © Por a wouwpoly, vutput is detercoiced by warqicral Cheer 0 ‏ی‎ 9 

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GRP tt Oewwend beads i ‏مان‎ ta Price bu Gave Ouput 

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GP ta Oewerrd beads to Change ta Ouput but Gave Price 

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Opvupoly © Observations © Chis fo deword Uudly pouse uo choo tt bots ‎worket kus ow supply purve.‏ اسب ۵ ه ‎Cheer 0 ‏ی‎ SO ‎ 

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Opvupoly © Observations ‎supply woop dPPeredt quantities ut‏ روت بای( و ‎the sucve price.‏ ‎® Oowpolst way supply the suse quoctiy ot ‎Cheer 0 Ore 0 ‎ 

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Opvupoly ‎GPPevt oP o Dox‏ با ا" ‎® Ocder woopoly price con sowetttwes rise by wore tho the aout oP the ten. ‏اه اه او ‎BOD detennive the‏ عو اس = 1 © ؛ + 00 - 0( » توص مصاصس لصم امامو :1+ ‎OR = OC‏ © ‎Cheer 0 Ore 0 ‎ 

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GPPevt oP Caves Tux va Ooupolst eorewe ta P: PoP, > crews to fox Cheer 0 Obte SS 

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GPPect oP ‏عم‎ Tux va Ovupolst 1" Qvuesiod © Oppose: B= -O © Wow work would the price chop? Cheer 0 Obde 0 

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GPPect oP Excise Tux vo Oowpolst © Oaswer ‎Cee‏ كم ‎1 74] If E, =-2- P=2MC If MCincreas¢eMC+ t AP=2(MC+ t) =2MC+ 2t | Pricéncreaséy twicthdax ‎ ‎® Okat would hopped to proPits? ‎Cheer 0 9 0 ‎ 

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Opvupoly # Dke Outiptoct Pir © Por won Firs, prooduoiiva toes place ‏ع با وا‎ wore ‏موم وال‎ whose operat cost oot Per. Cheer 0 Obde PO 

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Opvupoly 2 Phe Outiptoct Pires © Choosicg tot cutput ord the putput Por ‏ام او‎ *Dke wari post to eack phot should be ‏.اوس‎ De ware cost should equdl ‏ارو هذا‎ Cheer 0 Obde PS 

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Opvupoly Phe Oudtpkrt Pie # Okebroicaly: Q&C = Outpu&CostforPlant Q, &C, = Outpu&CostforPlane ۱ TotaDutputQ,=Q+Q Cheer 0 Obde OF 

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Opvupoly The Oubiptact Pircz © Dkebraiccly: a =PQ,- G(Q)- G(Q) An _A(PQ) AG _ ۱ 105 11015 Woe Obde PS 0۳۷ 0 

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Opvupoly © kebruicly: A(PQ)) _ AG _ M. M (MB AQ otMO= ae ee Cheer 0 Obde 0 

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)۳ ‏یل‎ wits Tivo Place ® Obsenintiow: و00 + ,00 =,00@ (0 ‎nh ; 060, 0‏ ه ‏8 لدي د 009 د ,00 ‎٠‏ ‎* OR = OR* ‎* OR* = OO, aQ,, DO* = 00:۵ ‎* 00, + OC, = OC,, Q, + ‏د و©‎ © ‏اعد‎ OR = OC, + OC ‎ ‎ 

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Qvuwpoly Power ® Dow tp re. 8 WLowever, 0 worket with severd ‏اوه رح‎ ‏بجاوو‎ 0 dowvavard slopicy decwoed pure will ۱ Cheer 0 ۵» 0 

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Qvuwpoly Power ® Gceuwd: © Pow Pires with equal share (G,OOO) rh a warket Por CO OOO tovtkbruskes at 0 price oe $a.SO. Cheer 0 Oke 0 

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لعين 56 ‎Pro @‏ مه لس ۳ ,| امه 6 عاسجه سا مج طلحصوط لج عطاك سملم ساسلا ات سا سا نها 10,000 0,000 _ 00,000 6,000 6,000 0 Qo 

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Otowatet pree 

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Qvuwpoly Power a Ovusuricry Ovewpoly ower © 40 perPent cowpe tion: P= DR = OC ‏و‎ Oowpol power: P > DOC Cheer 0 Obde SE 

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Qvuwpoly Power © Lercer’s Iadex oP Ovewpoly Power 0 ن دسم - مرزن0 -م) در» اد ‎Dhe lover the ude‏ © qreuer the wowpuly power. © Lis expressed in terxos oF EC, ob = (P - OCP = -VE, *@, is chsticiy oP dewoed Por ‏امد رمسا ه‎ the Obte SS warket 

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Qvuwpoly Power ® Qowwpol) power des ont ~uorcater proPits. ® rohit depecds vo were vost relative ‏ها‎ ‎price. ® Question: ‎en 1‏ ره حادم جفاطح حص< (را) محلب عورا ‎Cheer 0 Obte SO ‎ 

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Qvuwpoly Power ® Dke Rute oP Mhuvb Por Priciay pos 1+ )1/ B,) © Priviagy Por ‏تا روه‎ wi woorpoly power oP @, te hone, workup ip swell oP @, t@ sal, workup is hore Cheer 0 Ore SP 

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‎Pricey‏ يال ‎Guperworkets to Oeskrer leas‏ ‎® Gupercvorkets ). Geverd Piss SC Giver product 9.E, =- 10Poricdvidudl stores ‎MC _MC 4.P= =1.11(M 1+]1- .۳ 09 tue | 5. Prices set ubout 0 1% above OC. ‎0۳۷ 0 hv 60 ‎ 

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Oekup Privtery: Guwerwveorkets to Oeskrer ews ® Cowrdewe Ores (. Wigher prices thod superwurhke ts CCowrdew o dPPercut ues thew B=) 4.P=—__, a LE =124MO 1+(1/- 5) 08 ۱2 CO%bove OC. Cheer 0 ۵» 0 

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Oekup Privtery: Guwerwveorkets to Oeskrer ews Coweiews Gres ® Cowrviewr stores hove wore woowpoly power. ® Qvestiod: © ‏رون رز‎ stores kave higher proPits tho سب 0 Oke Od 

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Oekup Privtery: Guwerwveorkets to Oeskrer ews QOvskner eae © Opsiqner jeu @, =Owv-€ * Prive 99 - 00960 > OC ۰ )0 < 905 - 96/۲ * Ohvlesule price = $00 - $6 Cheer 0 605-68 

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The Pricey oF Crerevorded Ontevrwsries 999 999 Ve Reta Priee($) Tie Retal Priee($) Pup Rac 899.0 6 Powers 9109 QRukers oF te Lost ۷ ‏وراد س6 © 99ج‎ 02.69 doce Prods Oorkout 698.86 There's Gowethiry ‎Dorp 99‏ مه مع هه ‎The Gupre Gries Bak 2۵,99 Te-Br Onto‏ ‎wee‏ © دمجم 0 اماما 9696 .واه ه لمن ‎@u OP Peer‏ ‎Gta Trek: The Ovtcr Petre SF.OG Deut 0 wee‏ ‎Grr Owe 99.99 @ronekoo 699‏ ‎ 

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۲۷ Prictay oF Crerevorded Onlevrussrties # Oka Ov You Phish? © Should producers bower the price oF Videorusseties tv iwreuse soles ved reve? 

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Gouwrces vP Ovwpoly Power ® Ohy do sow Pirw’s kuwe ooosidercble wouwpoly power, ond others have lithe ‏عه‎ ‎wor? © Birv’s wouwpol) power is detercvived by the ‏تاه نا‎ oP desman. Cheer 0 ‏لب‎ OS 

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Gouwrces vP Ovwpoly Power ‎Dke Pircn’s elasticity oP dewend is detercviced‏ "ا ‎3 ‎©( Chosticity oP worket decocrd 9( Ducober oP Pires ‎Cheer 0 Obte SO ‎ 

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The Goon Cost oP Oowpoly Power ® Qpapol) power resus in higher prices ood lower quantities. © Wowever, does woupol power woke powsuvers un produvers ia the ogres عه ل 0 ‎Cheer‏ 

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0۳ QOeudwerkt boss Prow Ovwpoly Power 

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The Goon Cost oP Oowpoly Power ® Rea Geekery ® Pins wuy sped to yota wouwpoly power * Lobbyicey * ) ‏داك سرد‎ روت مه رمزلان )۰ Cheer 0 Obte OS 

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The Goon Cost oP Oowpoly Power § OD ke ‏مرت 9 مرس‎ i woopoly prociives is detercvived by the probit to be yoiced. 9 ۱۱۱ borer the teaser Proow powanvers tv the Pircy, the larger the sovidl post oP woupoly. Cheer 0 Ode TO 

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The Goon Cost oP Oowpoly Power ® Cxaople © (999 Orcker Duniets Didkrrd (BOO) suocessPully lobbied Por rexpubatives requires ethoaol be produced Pro cord ® Qvestioa © Oky ow ora? Cheer 0 Obde TO 

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The Goon Cost oP Oowpoly Power = Prive Rexptatioc متام ‎Revdl that ia powpetiive warkets, price‏ ه ‎peeded o deadweight Iss.‏ ® Question © Oko bout a wowwpoly? Cheer 0 Oke TO 

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The Goon Cost oP Oowpoly Power ® Datu Ovvwpoly © © Pine thet oom produce the eutire pulpal oP a iedustry ota ost lower thao whet if would be Cheer 0 Otte TH 

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QRexuiatay the Prive pF a Oxturd Opupol $/Q Oxted wowpoles vor berause oF extewsive 70 OP sre 0۳۷ 0 

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OP te pre were rewnkte be Poy te Pro wo bow wry ‏ساسحا ته فت ص جد‎ Goto ke prew ot P ‏ان وتا صما ااي‎ ‏لس سسسم یج‎ y zero. Cheer 0 Ore TO 

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The Goon Cost oP Oowpoly Power | io (Prontice © his very dP Pick to esticvate the ‏له اوه و‎ ‏عمط تمس‎ becouse they chore wil Cheer 0 ۶ 

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The Goon Cost oP Oowpoly Power a Rexptatioa ia Practice ۱ ‏وى سرود جمسر‎ requica dows the ‏منوت و اوه 0 عم‎ proce based va the expected rate or reture that the ٠ ‏مص‎ - 000 + (Dt T + KK, where @Q = prive, BOC = were voricble post © = depreciation, TD = toes 05 = dhawed rote oP return, (C= Fire's cupid stool Cheer 0 ۵ TO 

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The Goon Cost oP Oowpoly Power © Requativg ict Prociice © (stag this techoique ‏موی شمه‎ i onive ut the respective Pigures. © Vhe heuriey provess credies ‏ولو و‎ boy that wo bevwhit produvers (IOGOs & Os) or powers (IO Os & Os). ® Qvesiiva © Oho ip beweP iia tat the (OOOs? Cheer 0 Oke TS 

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و( 80 woupsow is 0 worket ‏و‎ whick there ip ® (uc oltppsoap is 0 worket wi ool o Pew buyers. 1" Qouwpsouy power is the ubtliy oP the buver to uPPent the price oF the yood ood pay bess thoo the price thot would exist ia a pow petiive warhet. Cheer 0 Ore OO 

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و( a Cowper tiie @wer © Prive tober © P = Oarged expeadture = Overage expeodiore © OD = ‏تلم ویو(‎ 9۷» 0 Cheer 0 

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عورف 8) جرمشاو م02 ‎Cowpared to Cowprtive Geller‏ 

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QOpvwpsv«ist @wer gia werne ‏چیه سوه‎ مد © صل 6 ۲ < ۰06 0۳۷ 0 

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Ove: OR = OO; ®R > OO; P < 00 00 Cheer 0 Oe OF 

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0۳۷ 0 

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Qvwpol) onl Oowpsvw *® Oowpoly ® Ovwpsow ‏ه م > جر ه‎ 0 < ‏م ۰ 0 دص ه‎ > 00 ۰0 > 0 GE ser ۰ ۵ < ‏وم‎ 9 >, Cheer 0 Ore OO 

صفحه 87:
QOvwpsvw Power 2 Pew buwers oon ‏ام واه‎ (e-4. wutoeoobile irhusiry). ® Qowpsow power qves thew the ubiliy to pay ut prive thot is less thao wurqicd votue. Cheer 0 Oke OF 

صفحه 88:
QOvwpsvw Power © Dhe deqrer oP wouwpsvw power depeods va three sicvilar Pavtors. 0) Chosticity oP warket supply * The less elastic the warket supply, the ‏او‎ ‎the woupsvuy power. Cheer 0 Okt 66 

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QOvwpsvw Power © Dhe deqrer oP wouwpsvw power depeods va three sicvilar Pavtors. PD ke Pewer the cucvber oF buyers, the less power. Cheer 0 Ore 9 

صفحه 90:
QOvwpsvw Power © Dhe deqrer oP wouwpsvw power depeods va three sicvilar Pavtors. 9) | ‏تسه‎ worry @Ouwers © Dke less the buyers vovwpete, the yreuter the WOW PSUUY POWEr. Cheer 0 ۵» OD 

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Qeudweht boss Prow Ovwpsow Power © Detercvinicy the deudweidht loss ia 2171775174 $/0 ‎seller's‏ و مان و 0 2 صاسه ‎ta buyer's‏ وان و ‎surphs = @-@‏ ‎Chern to welPore =‏ © ‎-P-C+@O-@ ‏ما ین روا و‎ less te purckosed ‎ ‎ ‎ ‎ 

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QOvwpsvw Power Tre Gootd Costs oP Ovwpsow Power © ittterd| Dopo) ۱ is rare, however, warkets wits a sll cucber oP sellers wit wourpoly power selicg io a warket with Pew buyers wily 20775091 Power is wore Doo. و ی 0 ‎Cheer‏ 

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QOvwpsvw Power Tre Gootd Costs oP Ovwpsow Power ® Qcestiva Oo this pase, whet is tkely to ‏و وم‎ Cheer 0 Obde OF 

صفحه 95:
Lieve; Darkest Power: The Oxtiinst baws © Bottrust baws: رت رو و ‎Crowne‏ ه ‎Rules ued nequicions desiqued to prowvte a‏ © خر ری رو ‎or ure likely to‏ و اما وت رما * ‎Restrictiog the Porss oP worket structures that‏ * ‎ae dlowuble‏ Cheer 0 ‏ی‎ 

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Lieve; Darkest Power: The Oxtiinst baws ® Gkherwon Ort )419590( ‏نی و‎ ) ‏ور مس و اه‎ ‏لا ان ات و رت‎ * Explicit cyreewed to restrict vuipul or Pix prices © depict cobusiog through partite! paduct و ی 0 ‎Cheer‏ 

صفحه 97:
Lieve; Darkest Power: The Outinst Laws Cxavples oP Wey Cowbicaicas " 0569 عص”ا ال عورشم و لت و ‎ik‏ © بان وم ‎Prive oF‏ ه99 " © ‏صا وني لجعمصام ( (6000)) لجداك:<ا) جاعنده() عصصطاصر3)‎ price Pixicy Por Isic -- three seuteured to prisvo ۰:99 Cheer 0 Ore O? 

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Lieve; Darkest Power: The Outinst Laws Gxacvples ‏خام‎ Wey Oowbicaticcs "۰ 99 ® Rocke 0.C6., BOGE O.G., Rkowe-Pouteus ond Poked pleaded cn to price Poxtory oP ‏مور‎ -- Piced wore thoo $( ‏.تن‎ Cheer 0 Ore SO 

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Lieve; Darkest Power: The Outinst Laws ‎Gkherwon Ort )419590(‏ ® من ه ‎ie‏ مسحو ‎pa‏ ات راز ز باه ۱ ات و انح ‎thot‏ ره تور ‎ ‎Cheer 0 Obte SO ‎ 

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Lieve; Darkest Power: The Oxtiinst baws # Chyion Ort (IQUE) 0) )1( ‏دجاه‎ it ucla Pul to nequine a buyer vr fessor uot ty buy Prow a vDowpetior Cheer 0 9» 0 

صفحه 101:
Lieve; Darkest Power: The Oxtiinst baws # Chyion Ort (IQUE) 9) Orvhibis weryers ‏“ذا وه مه‎ they “substectcly lessea vowpetiiod” or “teod to oreote a ” Cheer 0 Obl 100 

صفحه 102:
Lieve; Darkest Power: The Outinst Laws © Robicsve-Putrcvaa Bot (999) ® Prvhibis price discriicativa iP itis thely to ‏زو‎ ‎the vowprtiica Cheer 0 Oe IOC 

صفحه 103:
Lieve; Darkest Power: The Oxtiinst baws ® Pederd Trade Cowwissiva Ort (IO0F, uvewed JQ00, IOTS, (OTS) )( Crested the Pederal Trade Oowxvissiva (PTO) ‏رز سول‎ abet, ‏رل‎ ۲1۲۲۲۲۲۲۲ wits retailer to exclude ۲7۲7۲۲7۳۳۲۲ broods Cheer 0 Obl 006 

صفحه 104:
Lieve; Darkest Power: The Oxtiinst baws © Qotterst wus are ‏لوا‎ three ways: )( Buttrust Oivisivg oP the Oepartect oF Justice * 0 pon oP the exeruive broack--the dei ae bh * Pics levied vo busiuesses; Piaes ‏لحه‎ Cheer 0 Obbe IOP 

صفحه 105:
Lieve; Darkest Power: The Oxtiinst baws © Qotterst wus are ‏لوا‎ three ways: ©) Pederd Trade Oowsissiva +) ‏موی ماس ما‎ a ‏مس همست ص امون‎ Cheer 0 2» 

صفحه 106:
Lieve; Darkest Power: The Oxtiinst baws © Qotterst wus are ‏لوا‎ three ways: 9) Private Proverdiogs * Lawsuits Por dowees ‏انوا‎ cod receive treble damages Cheer 0 Ob 109 

صفحه 107:
Lieve; Darkest Power: The Outinst Laws 2 Pwo Cxaoples ‏من و‎ Birdies -- Price Pixicrey ‏و‎ Dinos ۰ ‏رو رامیت(‎ ۰ ‏ات موسر‎ * ‏سابل‎ Cheer 0 Oke IO? 

صفحه 108:
060 © Darkest power ts the ubiliy oP sellers pr buyers to oP ect the price ve a ypod. © Darkest power oon be int two Pores: wouwpoly power unl woupsvuy power. Cheer 0 Ob 100 

صفحه 109:
060 ® Qpwwpol) power ‏لوصو ع‎ to pot by the ‏وین‎ oF Pires vowpetiog io the aarhet. ® QOowwpsow power ts detersviced it port by the uber oF buyers in the wurket. Cheer 0 Oke 10S 

صفحه 110:
060 راو و و و ‎Durket power von‏ ® عم وه اوه ویو ‎Cowetwves,‏ ا" wowpoly desirable. ® De rely on the votit-ust laws to preved Pirsos Cheer 0 Oke 1D 

صفحه 111:
xd oP Chapter IO Ourket Power: Ovewpol uel Ovwpsow