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lemonelk370Lv1
28 Sep 2019
A narrow definition of a monopoly is that a firm has a monopoly if it can ignore the actions of all other firms. Under a broad definition, a firm has a monopoly if no other firms are selling a substitute close enough that the firm's economic profits are competed away in the long-run. If you were to own the only furniture store in a small town, would you be considered to have a monopoly?
A narrow definition of a monopoly is that a firm has a monopoly if it can ignore the actions of all other firms. Under a broad definition, a firm has a monopoly if no other firms are selling a substitute close enough that the firm's economic profits are competed away in the long-run. If you were to own the only furniture store in a small town, would you be considered to have a monopoly?
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Joshua StredderLv10
28 Sep 2019