Can someone please explain to me what the lerner index is and what its outcomes are???
Can someone please explain to me what the lerner index is and what its outcomes are???
A monopoly is able to assert power in a market due to the fact that it can set its Price greater than the price dictated by the interestction of its Marginal Cost and Marginal Revenue curves. The index caclulated...
L = (P - MC) / P where P is price, MC is marginal cost
If you are in perfect competition, you sell at a price that equals your marginal cost, and the L is 0. A monopoly that sells at a very high percentage over its MC has a high index, nearing 1.
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