By Dominich Armentano
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Additional info for Antitrust And Monopoly: Anatomy of a Policy Failure
Even if market concentration were a completely reliable measure of com petition, there is surprisingly little empirical evidence that there has been any marked tendency for average market concentration to increase sharply over time (with a resultant decline in competition in the economy). Studies of in dustrial concentration in the period 1901-47, and some through 1976, reveal a modest upward trend, at best. The early work of Adelman,5 Nutter,53 and Nelson54 all tend to support the idea that general levels of industrial concen tration reached at the turn of the present century have remained relatively sta ble since.
Product Differentiation. Product differentiation allegedly limits competi tion and injures consumers since it makes competitive market entry more costly. Relative to the ease of entry into homogeneous product markets, firms must expend extra resources to differentiate their products. , retooling) or they cannot compete in the industry. Hence the high costs of differentiation (a “phony” product differentiation for most critics) block entry into the business and tend to perpetuate the market posi tions of the leading companies.
Consumers may buy less and pay more, and are said to be injured by the restriction of production. Moreover, there is said to be a social welfare-loss due to the misallocation of resources associated with the collusive output restriction. Firms under monopolistic or imperfect competition still attempt to maxi mize their profit by selling an output where marginal revenue equals marginal cost. But if products are not perfect substitutes, the demand function each firm faces is downward sloping, and the price that each firm charges will 20 COM PETITION THEORY AND TH E MARKET ECONOM Y Quantity Figure 4 A firm with “ monopoly power” produces less (Q M ) and charges more (PM ) than a “ competitive” firm.
Antitrust And Monopoly: Anatomy of a Policy Failure by Dominich Armentano