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perfectly competitive industry become a monopoly, what changes
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.
the economy Major of those four are the natural monopoly. geographic monopoly, govrnement monopoly. technological monopoly.
in a perfectly competitive industry
Monopoly means that there are no competitor for your product or servises
perfectly competitive industry become a monopoly, what changes
perfectly competitive industry become a monopoly, what changes
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.
Anti-trust laws!
the economy Major of those four are the natural monopoly. geographic monopoly, govrnement monopoly. technological monopoly.
in a perfectly competitive industry
Monopoly means that there are no competitor for your product or servises
A perfect competitive market and pure monopoly market both have to follow the "law of demand".
monopoly
Explain how monopoly causes an inefficient allocation of resources when the competitive firm does not even when both seek to maximize profit
monopoly
Monopoly, Oligopoly, pure competition and monopolistic competition