Mises Daily
Author:
Dominick Armentano
Online Publish Date:
it is argued, compares “unfavorably” with price and output (and cost) under competitive conditions. Under competitive conditions, since price and marginal by such a firm, becomes, in the new jargon, a barrier to entry that limits competition and reduces society’s “welfare.” CONTEMPORARY MONOPOLY THEORY: A CRITIQUE the barriers-to-entry theory seriously is to end up proposing as rational public policy—in the name of consumer welfare—the very procedures that consumers would