Publisher's Synopsis
Excerpt from On the Optimality of Allowing Collusion
This argument is similar in ?avor to the theory of single-price monopoly. The monopolist's Optimum occurs at a point at which price exceeds marginal cost. This result is driven by the wedge existing between marginal revenue and price. In order to sell an additional unit of output, the monopolist needs to lower the price not only of the marginal unit, but of all the units which would have sold at the higher price, as well.
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