Authors libby rittenberg 761
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offset what they perceive as unfair market power on the part of buyers of
their products. Workers may join together in a union in order to enhance
their bargaining power with their employers. Each case is discussed below.
Monopoly Suppliers
A firm with monopoly power over a particular factor can be expected to
behave like any other monopoly. It will choose its output where the
marginal revenue and marginal cost curves intersect and charge a price
taken from its demand curve.
Figure 14.11 Monopoly Factor Supply
A monopoly supplier of a factor of production acts just as any other
monopoly firm. Here, the monopoly faces the demand curve D and the
marginal revenue curve MR. Given the marginal cost curve MC, it
maximizes profit by supplying Qm and charging a price Pm.
A monopoly supplier of a factor faces a demand curve that represents
the MRP of the factor. This situation is illustrated in Figure 14.11
Attributed to Libby Rittenberg and Timothy Tregarthen
Saylor URL: />
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