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Anti-trust laws!
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One difference between a perfectly competitive firm and a monopoly is that a perfectly competitive firm produces where?
perfectly competitive industry become a monopoly， what changes
One difference between a perfectly competitive firm and a monopoly is that a perfectly competitive firm produces where -?
perfectly competitive industry become a monopoly， what changes
Why is a Monopoly markets undesirable RELATIVE to perfect competitive market discuss?
In Monopoly, there is no market power as the monopoly firm is the only supplier and holds pricing power. However in a perfect competitive market, prices are set by interaction of supply and demand. This is why monopoly markets are undesirable relative to perfect competitive market.
What are the four conditions in place in a perfectly competitive market?
the economy Major of those four are the natural monopoly. geographic monopoly, govrnement monopoly. technological monopoly.
Is service and quality likely to be better in an industry dominated by a monopoly or in a perfectly competitive industryWhy?
in a perfectly competitive industry
How are a monopolistic firm and a competitive firm similar?
Monopoly means that there are no competitor for your product or servises
How is a monopoly and a perfectly competitive firm similar?
A perfect competitive market and pure monopoly market both have to follow the "law of demand".
Which market in the economy of Mauritius come closest to being perfectly competitive?
monopoly
Explain how monopoly causes an inefficient allocation of resources when the competitive firm does not even when both seek to maximize profits?
Explain how monopoly causes an inefficient allocation of resources when the competitive firm does not even when both seek to maximize profit
What type of competitive structure exists when a firm produces a product that has no close substitutes?
monopoly
Analyze 4 types of competitive environments?
Monopoly, Oligopoly, pure competition and monopolistic competition
How can one calculate the deadweight loss caused by a monopoly?
To calculate the deadweight loss caused by a monopoly, you can use the formula: (1/2) x (monopoly price - competitive price) x (monopoly quantity - competitive quantity). This formula helps measure the inefficiency and economic loss resulting from a monopoly's ability to restrict output and charge higher prices than in a competitive market.
