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In this essay, I would like to take a view at the implications for economics welfare of a market structure changing from perfect competition to a monopoly charging a single price and what else would happen if the monopoly practiced price discrimination.
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Economic welfare is the benefits the buyers or sellers gain when buying or selling based on which a voluntary trade between two individuals will take place. It differs while in different market structures. Hence in this essay, I would like to take a view at the implications for economics welfare of a market structure changing from perfect competition to a monopoly charging a single price and what else would happen if the monopoly practiced price discrimination. Market structure is a description of the degree of competition in a market. The market structure under which a firm operates will determine its behaviour; this behaviour then will in turn affect the firm's performance or efficiency in the use of scarce resources. (Sloman, 2001, p120) According to the degree of competition, the market structure can be divided into four categories: perfect competition, monopolistic competition, oligopoly and monopoly. The extremes are perfect competition and monopoly. In...
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