There exist symmetric and asymmetric equilibria in terms of firm size. There is less scope for asymmetry when products are more differentiated or of higher intrinsic quality. Some media exhibit public good features. This increases the scope for asymmetry when consumers value advertising positively. If their valuation is negative only symmetric equilibria exist.
Regulations limiting price competition increase the scope for natural monopoly.
Finally, monopoly is a less likely outcome in subscription-based media markets. Before downloading any of the electronic versions below you should read our statement on copyright . Download GhostScript for viewing Postscript files and the Acrobat Reader for viewing and printing pdf files.