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In a monopoly, there is no traditional supply function as seen in competitive markets. A monopolist sets the quantity of output to maximize profit by equating marginal cost with marginal revenue, rather than responding to market supply and demand. The monopolist determines the price based on the demand curve for its product, which means the relationship between quantity supplied and price is not direct or linear, making the concept of a supply function less applicable.
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What is control Of the supply of a product or service?
It is a Monopoly.
What is total control of the supply of a product or service?
A monopoly!
Why is there no supply curve for a monopoly?
In a monopoly, there is no supply curve because the monopolist has control over the entire market supply and can set the price independently of the quantity supplied. This is different from a competitive market where multiple firms determine supply based on market forces.
What is the monopolies?
Monopolies is the plural form monopoly. A monopoly is when a person or company has complete control of a supply or trade in a market.
Why supply curve of a monopoly equals to its marginal cost curve?
It's not
What is control Of the supply of a product or service?
It is a Monopoly.
What is total control of the supply of a product or service?
A monopoly!
Why is there no supply curve for a monopoly?
In a monopoly, there is no supply curve because the monopolist has control over the entire market supply and can set the price independently of the quantity supplied. This is different from a competitive market where multiple firms determine supply based on market forces.
What is the monopolies?
Monopolies is the plural form monopoly. A monopoly is when a person or company has complete control of a supply or trade in a market.
A large business that controls the supply andor sale of a product?
A monopoly.
Why supply curve of a monopoly equals to its marginal cost curve?
It's not
What exists when the entire supply of a good is controlled by a single seller?
monopoly
What is the difference between supply function and supply curve?
supply function can be defined as the quantity of a good.
When a company is able to control a products supply and therefore it price?
It is called a monopoly.
Why monopoly has no suply curve?
Monopoly has no supply curve because the monopolist does not take price as given, but set both price and quantity from the demand curve.
What is monopoly and how price and output decisions taken under monopoly?
Monopolistic competition refers to the the exclusive possession or control of the supply or trade in a commodity or service.
How does natural monopoly function?
A single firm supplies all the output
