Draw a monopolists demand curve, marginal revenue, and marginal cost curves. Identify the monopolists profit-maximizing output level. Now, think about a slightly higher level of output (say Q0 + 1). According to the graph, is there any consumer willing to pay more than the marginal cost of that new level of output? If so, what does this mean?
History 225 LECTURE Notes The Politics of Market Expansion (ch 10) Era of Jacksonian Politics (different style of politics) Theme: Relationship between popular resentment and the elite’s expressions of politics How do those “down below” impact decision making of the elites o Social chaos and anarchy if too much power to voices of citizens Shays rebellion convinced elites to change framework of constitution Expansion of the Vote How people use vote to shape public policy Voting is something you do together not privately 1. Background -National Politics in the 1820’s Up until 1820’s there was There aren’t political parties at this time but political factions Era of Good Feelings/Democrat