Answered step by step

Verified Expert Solution

Link Copied!

Question

...

1 Approved Answer

Posted on Jun 13, 2024

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.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing A Practical Approach

Authors: Robyn Moroney

1st Canadian Edition

978-1742165943

Students also viewed these Economics questions

Question

13. If X can take on any of n, possible values with respective probabilities P P prove that H(X) is maximized when P, 1/n, i 1, What is H(X) equal to in this case?!

Answered: 1 week ago

Question

★★★★★

Assume that, because of a new law recently passed, the types of significant transactions in which a partnership engages are no longer lawful. Two of the five partners wish to wind up and terminate...

Answered: 1 week ago

Question

★★★★★

1. The role of the operating system is to act as an interface between application software and hardware. The OS performs a variety of activities, list eight of the activities: 2. Operating systems...

Answered: 1 week ago

Question

★★★★★

Microcomp is a U.S.-based manufacturer of personal computers. It is planning to build a new manufacturing and distribution facility in either South Korea, China, Taiwan, the Philippines, or Mexico....

Answered: 1 week ago

Question

★★★★★

6. What are the advantages and disadvantages of buying versus renting a home? 7. What three factors determine the maximum amount a bank will finance for a home mortgage?

Answered: 1 week ago

Question

★★★★★

Ted purchases a car costing $40,616. He makes a down payment of $4,000 and finances the rest of the cost with a 10-year loan. The loan interest rate is j12 = 3.6% and the monthly loan payments are...

Answered: 1 week ago

Question

★★★★★

George Ltd manufactures and sells two different types of coils used in electric motors. In September, Jessica Martin, the management accountant, compiled the following data for the upcoming annual...

Answered: 1 week ago

Question

★★★★★

1 of 6 b) Find the average shear stress (Taver) in the bolts. Taver = ksi (Round to two decimal places.)

Answered: 1 week ago

Question

★★★★★

You just started a new position at Visionless Company and you are surprised that the organization does not have either a mission or a vision statement. Explain to the management four reasons why it...

Answered: 1 week ago

Question

★★★★★

Product A accounts for 75% of a company's total sales revenue and has a variable cost equal to 60% of its selling price. Product B accounts for 25% of total sales revenue and has a variable cost...

Answered: 1 week ago

Question

★★★★★

Title: PS-2-Term Exam 2-St013-17 Which type of wave are also called "compressional waves"? O a longitudinal waves Ob transverse waves O c light waves Od radio waves

Answered: 1 week ago

Previous Question Next Question