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Compared to a market with perfect competition a monopoly often has .?
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why is pure competition better compared to monopoly?
Yes, perfect competition allows the market to dictate prices where as a monopoly can set any price because there is no other alternative.
Different types of market structure?
monopoly,perfect competition,monopolistic competition,
What are the two extreme market structure?
Perfect competition and monopoly
How do the features of perfect competition and monopoly affect the outcomes of the market?
Economists use two sets of concepts to answer questions. First they apply efficiency concepts such as productive efficiency. Then they ask how perfect competition and monopoly affect the consumer.
In which type of market do individual firms have no incentive to advertise that is to engage in non-price competition?
monopoly =========== It is actually perfect competition. In a monopoly, a firm may choose to advertise to gain a better image on the market. But in a perfect competitive market, prices are set by the market (Firms are price takers), thus advertising would not increase profits at all.
why is pure competition better compared to monopoly?
Yes, perfect competition allows the market to dictate prices where as a monopoly can set any price because there is no other alternative.
Types of Market Competition?
Perfect Competition, Monopoly, Monopolistic Competition or Oligopoly
Different types of market structure?
monopoly,perfect competition,monopolistic competition,
What are the two extreme market structure?
Perfect competition and monopoly
Why is perfect competition rarely seen in today's market?
Because of monopoly's and oligopoly's of larger firms and companies within the market. Hence sterilizing perfect competition( ex Apple)...
How do the features of perfect competition and monopoly affect the outcomes of the market?
Economists use two sets of concepts to answer questions. First they apply efficiency concepts such as productive efficiency. Then they ask how perfect competition and monopoly affect the consumer.
In which type of market do individual firms have no incentive to advertise that is to engage in non-price competition?
monopoly =========== It is actually perfect competition. In a monopoly, a firm may choose to advertise to gain a better image on the market. But in a perfect competitive market, prices are set by the market (Firms are price takers), thus advertising would not increase profits at all.
What is the Price elasticity of demand in each of the four market structures perfect competition monopoly monopolistic competition and oligopoly?
Perfect competition is perfectly elastic (taken from my Economics textbook)...still searching on the other three.
What is the Price elasticity of demand in each of the four market structures - perfect competition monopoly monopolistic competition and oligopoly?
Perfect competition is perfectly elastic (taken from my Economics textbook)...still searching on the other three.
Which market experiences the least competition?
A Monopoly.
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 is perfect competion?
Perfect competition is a type of market where the monopoly is absent. In this situation, the numerous sellers and buyers know what is going on, and the commodities' prices are outside individual control on both sides.
