Shirt Index Topbestshirt on 2020/07/1

The idea that a monopoly will only cause a one time increase in price and not a continuing inflation is a microeconomic concept that assumes a constant demand and cost of production. With excess inflation nominal demand and cost continue to increase. 
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This is because the second ingredient in excess inflation is unemployment getting so low that it causes an increase in worker’s bargaining power.
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With unemployment getting low, workers can demand wage increases. This increases cost and cuts into the employers excess profits, also known as economic rents.
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To the extent that the employer has monopoly power, they will raise prices in response to the wage increases, in order to preserve those excess profits. 
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Then, if unemployment remains low, workers, when they see the buying power of their higher wages decrease, will be in a position to demand even higher wages,
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 Then, employers will again compensate by raising prices, etc., causing prices to spiral upwards.
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When worker’s wages increase, nominal demand increases because workers make more money, and have more to spend. But also increasing will be the nominal cost of production, due to those same wage increases. 
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So in reality, when unemployment is low enough we DO NOT have a situation where demand and cost are constant. We do not have a situation where, if we went from a perfectly completitive market to a monopoly, there would only be a one time jump in prices and no more. Instead we would have a situation where prices could continue to increase.
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