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RENT‐SEEKING FIRMS, CONSUMER GROUPS, AND THE SOCIAL COSTS OF MONOPOLY

Kyung Hwan Baik

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Abstract

Do consumers' consumer‐surplus (CS)–defending activities increase the social costs of monopoly compared to when consumers are inactive? Given just one rent‐seeking firm, consumers ' CS‐defending activities generally increase the social costs of monopoly, but given two or more rent‐seeking firms, such activities generally reduce the social costs. (JEL D72, L12)

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Do consumers' consumer‐surplus (CS)–defending activities increase the social costs of monopoly compared to when consumers are inactive? Given just one rent‐seeking firm, consumers ' CS‐defending activities generally increase the social costs of monopoly, but given two or more rent‐seeking firms, such activities generally reduce the social costs. (JEL D72, L12)

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Available abstract

Do consumers' consumer‐surplus (CS)–defending activities increase the social costs of monopoly compared to when consumers are inactive? Given just one rent‐seeking firm, consumers ' CS‐defending activities generally increase the social costs of monopoly, but given two or more rent‐seeking firms, such activities generally reduce the social costs. (JEL D72, L12)

Key concepts: Monopoly, Rent-seeking, Economics, Social cost, Economic surplus, Microeconomics, Opportunity cost, Public economics

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