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Line 1: − The '''Lerner index''' is a formula to quantify a firm's [[monopoly]] power:+ − − :Lerner index = (P-MC)/P − − where P is the price and MC is the marginal cost. − − The index ranges from 0 (no monopoly power) to 1 (complete monopoly power when MC=0). − − This index has been criticized for relying on MC, which is not usually known, and for being static rather than dynamic. − − [[Category:Economics]]
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