Deadweight loss Sample Clauses

Deadweight loss. As shown in the chart below, the left side of the chart below illustrates the surplus which consumers and producers get in perfectly competitive markets. The right side illustrates the loss that consumers and producers must bear in a monopoly market in comparison with a perfectly competitive market. The chart shows that the profit maximization of monopoly enterprise makes market price increase from P (pc) to P (m), while supply on the market decreased from Q (pc) to Q (m). Comparing perfect competition and monopoly In terms of social welfare, if we see social welfare as the sum of producer surplus and consumer surplus, we can easily see that compared with the competitive market, social welfare in the case of monopoly has shrunk by a corresponding area of BCF. Economists call this loss is dead weight loss or the social costs of monopoly. In other words, the total social welfare will be lower than in the competitive market since the loss of consumer surplus is not transferred to the manufacturer but lost in vain. Thus, in terms of economic efficiency, monopoly will lead to inefficient resource allocation, or in other words, the decisions on price and output of the monopolist for the goal of profit maximization has destroyed the goal of maximizing social surplus. Economists, therefore, have recognized the problems caused by monopoly which are market failure and proposed solutions in order to bring market with monopoly elements closer to competitive market. Competition law is one of the tools for state to intervene, control acts of monopoly enterprises, and increase the efficiency of the economy.
Sample 1
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