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Explain how monopoly causes an inefficient allocation of resources when the competitive firm does not even when both seek to maximize profits?
Wiki User
∙ 9y ago
Explain how monopoly causes an inefficient allocation of resources when the competitive firm does not even when both seek to maximize profit
Wiki User
∙ 9y ago
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Using resources in such a way as to maximize the production of goods and services is called?
Efficiency
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".
Factor of profit maximization?
Resources is a factor in profit maximization. A company has to have all of their necessary resources in place to ensure they can maximize their profits each day.
What does efficiency mean in economics?
In economics, efficiency means the overall use of resources. The overall use of resources can help maximize the production of the goods. In turn, the potential to make more money is there.
How are a monopolistic firm and a competitive firm similar?
Monopoly means that there are no competitor for your product or servises
What are the advantages of heterospory?
· Plants can maximize efficient resource allocation · Promotes genetic exchange
Explain why a monopolist must lower its quantity relative to a competitive market to maximize its profits?
A monopolist must lower its quantity relative to a competitive market to maximize its profits because the monopolist already controls and owns the largest share of the market.
Why a monopolist must lower its quantity relative to a competitive market to maximize its profits?
A monopolist has to lower its quantity relative to the competitive market to maximize profits because the monopolist is already in control of the biggest part of the market. This means that because they're already in control, to keep the market competitive they need to release the same amount of product as their competition.
Using resources in such a way as to maximize the production of goods and services is called?
Efficiency
Core function of an organization?
To maximize profits with limited resources at a minimum cost.
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".
Factor of profit maximization?
Resources is a factor in profit maximization. A company has to have all of their necessary resources in place to ensure they can maximize their profits each day.
What is the meaning of home management?
Utilization of human and physical resources to maximize individual and familial development within the home.
What the meaning of home management?
Utilization of human and physical resources to maximize individual and familial development within the home.
Why might a business aim to maximize employee benefits?
They want to retain their skilled manpower and even to attract the skilled ones , by so doing they will have a competitive advantage.
What does efficiency mean in economics?
In economics, efficiency means the overall use of resources. The overall use of resources can help maximize the production of the goods. In turn, the potential to make more money is there.
What is efficency?
It is the relative proportion or ratio of the Energy Input to a system to its output.
