perfectly competitive industry become a monopoly, what changes
A perfectly competitive firm would set its prices at a perfectly competitive price.
will
The source of a firm's market power is its competitive advantage. When a business has a competitive advantage they can use that to make significant changes in the industry.
is earning a profit
perfectly competitive industry become a monopoly, what changes
perfectly competitive industry become a monopoly, what changes
A perfectly competitive firm would set its prices at a perfectly competitive price.
will
The source of a firm's market power is its competitive advantage. When a business has a competitive advantage they can use that to make significant changes in the industry.
yes
is earning a profit
the marginal products of sucessive workers can be sold at a constant price
Monopoly means that there are no competitor for your product or servises
firm
Competitive advantage can come from products, employees and operations. When a firm has a competitive advantage, they are able to operate as a leader within their industry.
A monopolistically competitive firm can maintain its competitive edge in the market by offering unique products or services that differentiate it from competitors, creating brand loyalty among customers, and effectively marketing its products to attract and retain customers. Additionally, the firm may also benefit from barriers to entry that prevent new competitors from easily entering the market.