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Features of Monoploy in Monopolistic Competition
Monopolistic competition has the following features from monopoly:
As the products are differentiated substitutes, each brand or type has its own sole seller e.g. each brand of toilet soap is produced by only one firm.
If one firm raises its price it is likely to lose a substantial proportion of its customers to its rivals. If it lowers price it is likely to capture a proportion of customers from its rivals. But in the first case some of its customers will remain loyal to it and in the second case some customers will remain loyal to their traditional suppliers. Hence, as in monopoly the demand curve for the firm slopes downwards but it is more elastic than in monopoly. Thus the revenue for the firm in monopolistic competition is as follows:
THE GOVERNED ECONOMY The governed economy contains central authorities often simply called "the government" - who levy taxes on firms and households and which engages in numer
Plot the demand schedule and draw the demand curve for the data given for Marijuana in the case above.
Jane, the manager of a company manufacturing air-conditioning units can choose between two production technologies for a new product line. If she chooses and installs technology 1,
Macro-economic policy objectives The major macro-economic policy objectives which the governments strive to achieve are: i. Full employment One of the main objectives
Demand Schedule The law of demand can be explained through a demand schedule. A demand schedule is a series of quantities that consumers would like to buy per unit of time at d
what is line balancing for paper machine?
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Ajax has the following short run cost curve when tc=800000-5000Q+100Q2
The Firm The unit that uses factors of production to produce commodities then it sells either to other firms, to household, or to central authorities. The firm is thus the uni
Explain the limitations of managerial economics
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