Differentiate perfect and monopoly competition
Differentiate between perfect competition and monopoly competition?
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In a monopoly , you are achieving an unfair advantage over any competition because you own so many structures. Monopolies can also be named as trusts that is why you sometimes hear of Anti-Trust Law violations.
At one time, AT&T owned each and every phone, phone line and even piece of phone equipment in the nation. They controlled the industry how could you compete with them when they owned each and everything? Likewise the Post Office has an excellent infrastructure for delivering mail, but they do not have a monopoly because FedEx and UPS and DHL have all found ways to carve out a healthy piece of the parcel moving business, they do OK in competition even though UPS always grumbles about the Post Office.
Monopolistic competitors maximize profit through: (w) adjusting output at a given price. (x) adjusting price for a given output. (y) adjusting output and price. (z) cheating. Can someone explain/help me with best s
If comparing market structures, when economies of scale are unimportant: (w) the most efficient form of market structure is a pure monopoly. (x) purely competitive industries and price discriminating monopolies are equally efficient. (y) price discrim
Decreased airline bookings subsequent to some major airline crashes would point out a: (i) Reduction in the amount of airline travel demanded. (ii) Drop in the demand for air travel. (iii) Phobia among air travelers which is irrational. (iv) Horizontal demand curve fo
When firms have market power although do not price discriminate perfectly, in that case the market equilibrium will be inefficient since: (w) P = AC = MC. (x) total revenue equals total costs [TR = TC]. (y) MSB = P > MC = MSC. (z)
Describe why the equilibrium price of commodity is determined at the level of output at which its demand equavalents its supply.
Demands for alcoholic and tobacco beverages tend to be relatively price inelastic and income inelastic. There per unit “sin taxes” upon these products will share out the tax burden: (i) proportionally among high-income and
Maximum possible total revenue by sales of the especially popular St. Valentine’s Day software is about: (i) $140 million. (ii) $250 million. (iii) $350 million. (iv) $420 million. (v) $1 billion. Q : Real interest rate in saving and When the real interest rate : (w) is low, there are greater incentives to borrow and fewer incentives to lend. (x) is low, there are greater incentives to lend and fewer incentives to borrow. (y) equals the nominal interest rate + the expected rate of
When the real interest rate : (w) is low, there are greater incentives to borrow and fewer incentives to lend. (x) is low, there are greater incentives to lend and fewer incentives to borrow. (y) equals the nominal interest rate + the expected rate of
Illustrate and explain using diagrams, the difference between long run supply in a constant cost individual firm and industry and an increasing cost firm and industry.
When the wholesale price per bushel of peaches is $9, Cling Peach Orchards would be probably to break even when its peach orchard produced approximately: (i) 2000 bushels of peaches. (ii) 2500 bushels of peaches. (iii) 3000 bushels of
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