Ebook Principles of microeconomics: Part 2
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Ebook Principles of microeconomics: Part 2
CHAPTER 11 I MON( 111 Monopoly and Antitrust PolicyFigure 11.1 Oligopoly versus Competitors in the Marketplace Large corporations, such as the natural Ebook Principles of microeconomics: Part 2l gas producer Kinder Morgan, can bring economies of scale to the marketplace. Will that benefit consumers? Or IS more competition better for consumers? (Credit’ modification of work by Derrick Coetzee/Flickr Creative Commons)Bring© HomeMore than Cooking, Heating, and CoolingIf you live in the Unite Ebook Principles of microeconomics: Part 2d States, there is a slightly better than 50-50 chance your home is heated and cooled using natural gas. You may even use natural gas for cooking. HowEbook Principles of microeconomics: Part 2
ever, those uses are not die primary uses of natural gas in the U.S. In 2012. according to the U.S. Energy Information Administration, home healing, cCHAPTER 11 I MON( 111 Monopoly and Antitrust PolicyFigure 11.1 Oligopoly versus Competitors in the Marketplace Large corporations, such as the natural Ebook Principles of microeconomics: Part 2lectric power (39%) and in industry (30%). Together these three uses for natural gas touch many areas of our lives, so why would there be any opposition to a merger of two natural gas firms? After all. a merger could mean Increased efficiencies and reduced costs to people like you and me.In October Ebook Principles of microeconomics: Part 22011. Kinder Morgan and El Paso Corporation, two natural gas firms, announced they were merging. The announcement stated the combined firm would linkEbook Principles of microeconomics: Part 2
"nearly every major production region with markets," cut costs by 'eliminating duplication in pipelines and other assets." and that "the savings couldCHAPTER 11 I MON( 111 Monopoly and Antitrust PolicyFigure 11.1 Oligopoly versus Competitors in the Marketplace Large corporations, such as the natural Ebook Principles of microeconomics: Part 2ew firm the third largest energy producer in North America. As the third largest energy producer, policymakers and the public wondered whether the cost savings really would be passed on to consumers, or would the merger give Kinder Morgan a strong oligopoly position In the natural gas marketplace?Th Ebook Principles of microeconomics: Part 2at brings US to the central question this chapter poses: What should the balance be between corporate size and a larger number of competitors in a marEbook Principles of microeconomics: Part 2
ketplace? We will also consider what role the government should play in this balancing act.Introduction to Monopoly and Antitrust PolicyIn this chapteCHAPTER 11 I MON( 111 Monopoly and Antitrust PolicyFigure 11.1 Oligopoly versus Competitors in the Marketplace Large corporations, such as the natural Ebook Principles of microeconomics: Part 2es•Tlie Gieat Deregulation ExperimentThe previous chapters on the theory of the firm identified three important lessons: First, that competition, by providing consumers with lower prices and a variety of Innovative products, is a good thing: second, that large-scale production can dramatically lower Ebook Principles of microeconomics: Part 2 average costs; and third, that markets 111 tire leal world are rarely perfectly competitive. As a consequence, government policymakers must determineEbook Principles of microeconomics: Part 2
how much to intervene to balance the potential benefits of large-scale production against the potential loss of competition that can occur when businCHAPTER 11 I MON( 111 Monopoly and Antitrust PolicyFigure 11.1 Oligopoly versus Competitors in the Marketplace Large corporations, such as the natural Ebook Principles of microeconomics: Part 2le firm. In the year befoie the merger, AT&T was the 121st largest company tn the country when ranked by sales, with $44 billion In revenues and 190.000 employees. BellSouth was the 314th largest company 111 die country, with S21 billion 111 revenues and 63.000 employees.The two companies argued tha Ebook Principles of microeconomics: Part 2t the merger would benefit consumers, who would be able to purchase better telecommunications services at a cheaper pnce because the newly created filEbook Principles of microeconomics: Part 2
m would be able to produce more efficiently by taking advantage of economies of scale and eliminating duplicate investments. However, a number of actiCHAPTER 11 I MON( 111 Monopoly and Antitrust PolicyFigure 11.1 Oligopoly versus Competitors in the Marketplace Large corporations, such as the natural Ebook Principles of microeconomics: Part 2rices for consumers for decades to come. In December 2006. the federal government allowed the merger to proceed. By 2009. die new post-merger AT&T was the eighth largest company by revenues in the United States, and by that measure the largest telecommunications company in the world. Economists have Ebook Principles of microeconomics: Part 2 spent - and will still spend - years trying to determine whether the merger of AT&T and BellSouth, as well as other smaller mergers of telecommunicatEbook Principles of microeconomics: Part 2
ions companies at about dns same time, helped consumeis, hurt diem, 01 did not make much difference.This chapter discusses public policy issues about CHAPTER 11 I MON( 111 Monopoly and Antitrust PolicyFigure 11.1 Oligopoly versus Competitors in the Marketplace Large corporations, such as the natural Ebook Principles of microeconomics: Part 2ld be blocked? The government also plays a lõle in policing anticompetitive behavior other than mergers, like prohibiting certain kinds of contracts that might restrict competition. In the case of natural monopoly, however, trying to preserve competition probably Will not work very well, and so gove Ebook Principles of microeconomics: Part 2rnment will often resort to regulation of price and'or quantity of output. In recent decades, there has been a global trend toward less government intEbook Principles of microeconomics: Part 2
ervention Hl die puce and output decisions of businesses.11.11 Corporate MergersBy the end of diis section, you will be able to:•Explain antitrust lawCHAPTER 11 I MON( 111 Monopoly and Antitrust PolicyFigure 11.1 Oligopoly versus Competitors in the Marketplace Large corporations, such as the natural Ebook Principles of microeconomics: Part 2 merger occurs when two formerly separate firms combine to become a single firm, when one firm purchases another, it Is called an acquisition An acquisition may not look just like a merger, since die newly purchased fhm may continue to be operated under its former company name. Mergers can also be l Ebook Principles of microeconomics: Part 2ateral, where two firms of similar sizes combine to become one. However, bodi mergers and acquisitions lead to two formerly separate firms being underEbook Principles of microeconomics: Part 2
common ownership, and so they are commonly grouped together.Regulations for Approving MergersSince a mergei combines two firms Into one. It can reducCHAPTER 11 I MON( 111 Monopoly and Antitrust PolicyFigure 11.1 Oligopoly versus Competitors in the Marketplace Large corporations, such as the natural Ebook Principles of microeconomics: Part 2minimum size of sales (a threshold that moves up gradually over time, and was at S70.9 million in 2013). or certain other conditions are met. they are required under law to notify die U.S. Federal Trade Commission (FTC). The left-hand panel of Figure 11.2 (a) shows the number of mergers submitted fo Ebook Principles of microeconomics: Part 2r review to die FTC each year from 1999 to 2012. Mergers were very high in die late 1990s. diminished in the early 2000s. and then rebounded somewhatEbook Principles of microeconomics: Part 2
in a cyclical fashion. The right-hand panel of Figure 11.2 (b) shows the distribution of those mergers submitted for review In 2012 as measured by theCHAPTER 11 I MON( 111 Monopoly and Antitrust PolicyFigure 11.1 Oligopoly versus Competitors in the Marketplace Large corporations, such as the natural Ebook Principles of microeconomics: Part 2in certain limited circumstances. About a quarter of all reported merger and acquisition transactions in 2012 exceeded S500 million, while about 11 percent exceeded Si billion.This content IS avalabe ftx free at f-xrpiA'crccorg'contenb'cotllSSZ/l.BCHAPTER 11 I MCN( e ệ Ii i6i GOO452 Ebook Principles of microeconomics: Part 2CHAPTER 11 I MON( 111 Monopoly and Antitrust PolicyFigure 11.1 Oligopoly versus Competitors in the Marketplace Large corporations, such as the naturalGọi ngay
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