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There are various implications of the monopoly model; many of which lead to criticisms of monopoly on issues of both technical /allocative efficiency. The prices and output verified in the monopoly are not consistent with allocative efficiency criteria. In monopoly there are so much resources allocated to production of this product, for which we receive too little output as illustrated by comparison with the competitive solution, the dotted line .Accordingly, because of the barriers to entry, the price for this product is too high - as allocatively inefficient.
compare and contrast adam smith''s theory of absolute advantage theory and david ricardo''s comparative advantage theory of international trade.
use a graphical illustration to describe briefly what the influence of each of the following be on the market supply of labour,(a) an increase in immigrants, (b) a reduction in wag
Cross-Price Elasticity of Demand is explained below: Cross price elasticity of the demand is the percentage change in the quantity demanded of a particular good, with respect t
Answer in true or false 1. "Improvements in environmental quality of a recreational site will, all other things being equal, increase consumer surplus of individuals that visit
inflation and policies that are used to combat it
. Suppose fixed costs increase by $20. How will this affect TFC, TVC, TC, ATC, AVC and MC? Which numbers change and which stay the same?
what are jobs of the department of justice and the federal trade commission in business pratices.
Uses of price and income elasticity of demand: The concept of price elasticity of demand has some uses whihc include the following: (i) Pricing of goods and services It is
Establish relationship between production and cost for a firm operation in perfect competition market in case of i phone
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