By Dominich Armentano
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Extra info for Antitrust And Monopoly: Anatomy of a Policy Failure
There is, to be sure, an ever present process of equilibration and coordi nation occurring, but it would be sheer fantasy to assume or expect such a process ever to be completed. Thus profit rate differentials, should they exist between industries, would be explainable within the context of a fully com petitive market process that has not achieved, and could never achieve, any final long-run equilibrium. Even if the differentials in profit rates were to statistically correlate with particular market structures, the results need not be interpreted negatively, that is, that monopoly power in concentrated markets produce the high rates of return and the social inefficiency.
Since perfect competition theory starts with equilibrium assumptions, it 26 COM PETITION THEORY AND TH E MARKET ECONOM Y must assume away the significant aspects of a genuinely competitive process. For instance, the question of how businessmen come to understand what consumer demand is becomes, in the standard analysis, the assumption that such information is already known, and correctly known, to all businessmen. How businessmen discover which factor combinations are the most efficient becomes, in the orthodox model, the assumption that such combinations are already known and have already been adopted by suppliers.
If the demand curve is held constant, however, the slightly larger output must be sold at a slightly lower market price. ” In the mathematics meth odology, a functional relationship between two variables always implies that for every value of the independent variable there exists one, and only one, value for the dependent variable. In economic models, although the familiar axes have been reversed, “price” is clearly the independent variable and “quantity demanded” is the dependent variable. Yet a perfectly elastic de mand curve implies that there are an infinite number of values for the depen dent variable (“quantity demanded”) associated with any one independent variable (“price”).
Antitrust And Monopoly: Anatomy of a Policy Failure by Dominich Armentano