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Monopoly is not productively efficient because it restricts output to maximize profits, leading to a higher price than in competitive markets. This results in a deadweight loss, where potential gains from trade are not realized, as consumer demand is not fully met. Additionally, monopolies may lack the incentive to innovate or reduce costs, since they face no competition. As a result, resources are not allocated optimally, diminishing overall economic welfare.
What else can I help you with?
Is Monopoly Efficient?
Monopoly is efficient because it promotes growth in market sectors by engaging products in a competitive environment. That's what a monopoly does NOT do. A monopoly (single supplier to a marketplace) can be either efficient or inefficient. An efficient monopoly is one where, free from competitive pressures, the supplier spends all its time making more, higher quality and better costing products. That's not what usually happens. An INefficient monopoly is one where the monopolist gets fat and happy, secure in his knowledge anyone who uses the product he sells has to get it from him, and curtails innovation (since everyone's buying the stuff anyway, why bother?), cheapens the product he's selling and raises the price beyond all justification.
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.
Which department is concerned with the efficient use of your national resources in order to create a more productive economy?
The department that is concerned with the efficient use of your national resources in order to create a more productive economy is the Bureau of Economic Analysis. This provides economic statistics including the GDP.
What is the efficient use of productive resources?
the resources are certainly not used efficiently because there is a lot of waste age
Can a monopoly produce efficient output level?
A monopoly typically does not produce an efficient output level because it restricts production to maximize profits, leading to higher prices and reduced consumer surplus. Unlike competitive markets, where supply meets demand at a socially optimal point, monopolies create a deadweight loss by producing less than the quantity that would be socially efficient. Consequently, while a monopoly can achieve profit maximization, it often does so at the expense of overall economic efficiency.
What is a word for getting a lot done?
Productive, Efficient, Beneficial
When a person is being productive with little waste what are they being?
Efficient
What are synonyms of efficacious?
productive, efficient, effective
In one word what would productive not wasteful mean?
efficient
Is Monopoly Efficient?
Monopoly is efficient because it promotes growth in market sectors by engaging products in a competitive environment. That's what a monopoly does NOT do. A monopoly (single supplier to a marketplace) can be either efficient or inefficient. An efficient monopoly is one where, free from competitive pressures, the supplier spends all its time making more, higher quality and better costing products. That's not what usually happens. An INefficient monopoly is one where the monopolist gets fat and happy, secure in his knowledge anyone who uses the product he sells has to get it from him, and curtails innovation (since everyone's buying the stuff anyway, why bother?), cheapens the product he's selling and raises the price beyond all justification.
What is knowledge applied to make a business processes more efficient and productive?
Technology
Made management and organization of workers and materials more efficient and productive?
xbox
Why is there levels of government?
To ease and to make administration issues more efficient and productive.
What are the words that mean the same as the word efficient?
Effective, effectual, efficacious, productive, industrious.
Who made management and organization of workers and materials more efficient and productive?
business specialists
Who made management and organized of workers and materials more efficient and productive?
business specialists
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.
