Question
1:in perfect competition, 'firms are price taker'. With help of an example, explain how firms in perfect competition are price takers 2:What is monopoly? Why
1:in perfect competition, 'firms are price taker'. With help of an example, explain how firms in perfect competition are price takers
2:What is monopoly? Why a monopolist is referred as price maker? Using marginal principle, explain with help of graph, to maximize profit how price-output relationship is achieved by a monopolist.
3: discuss how cartel turns oligopolies into monopoly.
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Microeconomics Principles, Problems and Policies
Authors: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn
20th edition
978-0077660819, 77660811, 978-1259450242
