What is the benefit from the existence of monopolies, Explain how consumers...

Explain how consumers might benefit from the existence of monopolies. While the standard issue of monopolies having higher prices and lower output that competitive markets migh

Explain the term economic efficiency, Explain the term economic efficiency?...

Explain the term economic efficiency?  Answer:   Economic Efficiency means full utilization of all available resources in economy i.e. to produce the needed amount of goods and

Central problems of economy and its solutions, what to produce? how to prod...

what to produce? how to produce? for whom to produce

The lower the value MR of monopolist ,

Indifference curve, what is indifference curve''s theory and application

what is indifference curve''s theory and application

Pure competition and efficiency, Allocative efficiency criteria are satisfi...

Allocative efficiency criteria are satisfied by the competitive model.  Because P = MC, in each market in the economy there is no over- or under- allocation of resources in this ec

Graph the demand and supply curves, The demand curve for oranges is given b...

The demand curve for oranges is given by the equation P = 5 - Q/200. The supply curve is given by P = Q/800. Q is measured in oranges per day and price is measured in dollars per o

Quantity supply, factor influencing quantity supplied

factor influencing quantity supplied

Technological change, Is it possible for a firm to experience a technologic...

Is it possible for a firm to experience a technological change that would increase the marginal product of labor while leaving the average product of labor unchanged?

Attitude towards risk - consumer choice involving risk, Attitude towards Ri...

Attitude towards Risk: Let's assume the following: The utility function   •  has the single argument "wealth" measured in monetary units,  •  is strictly increasing, and