By Charles K. Rowley
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Additional info for Antitrust and Economic Efficiency
1970 Tariffs School 1958 (3) Montevideo Tariffs Treaty countries (%) 0·07 0·01 0·05 0·18 max 0·10 max 1·00 max 0·0075 Sources: (1) Economic Theory and Western European Integration (Stanford, 1958). (2) Free Trade, Protection and Customs Unions (Leiden, 1961). (3) Unpublished calculation. Overall source: H. Leibenstein, 'A11ocative Efficiency vs. June 1966) p. 393. Price and cost CP o Output rates MP =monopoly price CP = competitive price FIG. 7. Welfare loss from allocative inefficiency 48 In Fig.
Since invention is a risky process, Arrow concluded that there was bound to be some discrimination against investment in inventive and research activities, although it could be minimised by conducting research in large firms with diversified invention portfolios. Although Demsetz  questioned the relevance of Arrow's analysis, pointing out that risk shifting and the elimination of moral hazard were themselves scarce resources which must be economised, he did not deny that the presence of risk posed problems for com- 41 petitive markets.
9. In Fig. 9, D represents the conventional demand curve of the pure monopolist and MR the corresponding marginal revenue curve. AC represents the average cost curve (excluding X-inefficiency in order to simplify the diagram) and MC the corresponding marginal cost curve. The profit maximisation solution is at output rate OQl and price OP1 and is the solution normally incorporated into the trade-off analysis. Suppose, however, that the monopolist were motivated to maximise sales revenue rather than profit.