ECO 2302 Lecture Notes - Lecture 12: Perfect Competition, Marginal Revenue

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emilypena887

24 Nov 2021

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Pure monopoly characteristics: a pure monopoly contrasts with a perfectly competitive industry. Usually demand machinery and raw materials depending on the firms" nature. A portion of the demand that suppliers are obligated to provide. The closer the substitutes are for the product, the more horizontal the demand will be . Note: demand curves are more elastic than those faced by monopolies and less elastic than when faced with competitive firms. A monopolistic competitive firm maximizes profit/ minimize loss by producing quantities that show us.

Related Questions

1. How does monopolistic competition differ from pure competition in its basic characteristics?

2. How does it differ from a pure monopoly?

3. Explain fully what product differentiation may involve.

4. Explain how the entry of firms into its industry affects the demand curve facing a monopolistic competitor and how that, in turn, affects its economic profit.

limeprairie-dog442

1. Which characteristic led to Microsoft exercising monopoly power?

A.copyright protection for the Windows operating system

B .no close substitutes

C.economies of scale

D.government franchise

2. The goal of antitrust law is to:

A. prevent monopolies and monopoly power from arising.

B.protect monopolies from the competition.

C. make sure consumers pay high prices.

D. preserve allocative inefficiencies of monopolies.

3. Which of the following is not a characteristic of a monopoly?

A. The market has just one seller.

B.There exist significant barriers to entry.

C. Substitutes for the monopolist's products are available to buyers.

D. No close substitutes exist for the monopolist's products.

4. A constantly declining long-run average cost curve is a characteristic of what type of industrial structure:

A. Monopoly

B. Natural monopoly

C. Oligopoly

D. Perfect competition

5. An industry that has large economies of scale operates most efficiently as a(n):

	A.competitive industry.
	B.monopoly
	C.regulated natural monopoly.
	D.anarchic industry.

goldcattle908

MONOPOLISTIC COMPETITION AND OLIGOPOLY

(a) How does monopolistic competition differ from pure competition and pure monopoly?

(b) Why is the firm's demand curve flatter than the total market demand curve in monopolistic competition?

mauvehedgehog631

ECO 2302 Lecture Notes - Lecture 12: Perfect Competition, Marginal Revenue

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