Describing monopoly
Illustrate the term monopoly?
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When one business or company dominates its area and squeezes out all its competition this is resulting in consumer does not have a free choice, and inevitably, the price of its products or services will increase, and the 'Monopoly' increases its profit. Although, sometimes prices stay low to discourage anyone from entering the market profit still occur. Not to be confused with a term of monopoly, a company has control over the entire market for a product because of barriers.
Although a monopoly is a philosophical procedure of direct competition leading to a pure monopoly it is not in itself a purely dominating force. It is somewhat the process of obtaining competitive grounds for strive toward total control.
Describe precautions to be taken in estimating national income by expenditure technique? Answer: The following precautions are to be taken while evaluating N.I. by
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When this monopolistic competitor makes Q units: (1) P > MC. (2) MR = MC. (3) total revenue total cost is maximized. (4) MSB > MSC. (5) All of the above. Discover Q & A Leading Solution Library Avail More Than 1450067 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1928297 Asked 3,689 Active Tutors 1450067 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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