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What is the difference between monopoly and perfect competition?
Monopoly versus Perfect Competition:
1. Perfect competition is equal to monopoly competition, at the perfectly competitive firm's profit-maximizing quantity of output
2. Perfect competition is greater than to monopoly revenue and equal to monopoly competition, at the monopolist's profit-maximizing quantity of output.
Compared long with a competitive industry, a monopolist does the given below:
d/f b/w MRTS and MRS
Define theVariable factor of production The input level of a variable factor of production can be diverse in the short run. Raw material inputs are believed as variable fact
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Arc Elasticity Is the average elasticity between two given points on the curve, i.e. Because of the negative relationship between price and quantity demanded, pr
Traditional theoretical concepts to actual business behaviour Accommodating traditional theoretical concepts to actual business behaviour and conditions: Managerial economic
Q. Explain about Managerial Economies? Large scale production makes possible the division of managerial functions. So there exists a production manager, a finance manager, asal
Peanut butter monopolist Calvé supplies peanut butter to Albert Heijn in an isolated village. The supermarket is a monopolist in the village. Demand for peanut butter is given by:
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Demand-pull inflation is when aggregate demand exceeds the value of output (measured in constant prices) at full employment. The excess demand of goods and services cannot be met
Open Market Operations The Central Bank holds government securities. It can sell some of these, or buy more, on the open market, buying or selling through a stock exchange or
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