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- Title
MONOPOLISTIC INDUSTRIES AND MONOPOLY PROFITS OR, ARE KELLOGG'S CORNFLAKES OVERPRICED?
- Authors
Nickell, Stephen; Metcalf, David
- Abstract
Most previous studies which relate monopoly profits to market structure have been bedeviled by the problem of identifying the former variable. A judicious combination of economic theory and easily available price data has circumvented this particular problem in this study. The evidence suggests that monopoly profits exist and that they are positively related to concentration. Further, our evidence indicates a possibility that the noncompetitive environment causes firms to incur non-essential expenditure thereby reducing these profits below their potential level.
- Subjects
BUSINESS enterprises; PRICES; BRAND name products; OLIGOPOLIES; COMPETITION; INDUSTRIAL costs; CORPORATE profits
- Publication
Economic Journal, 1978, Vol 88, Issue 350, p254
- ISSN
0013-0133
- Publication type
Article
- DOI
10.2307/2232129