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Q. What do you mean by Legal Monopoly?
Legal Monopoly: Some monopolies are engendered and protected under various laws. Inventors of new processes, devices or articles attain monopoly powers for such inventions under trade mark, patent and copyright laws. There are numerous illustrations oflegal monopoly of medicines. As Professor F.W. Taussing observes in his Principles of Economics, patents and copyrights are the simplest cases of absolute monopoly by law. Though as Professor E.H. Chamberlin points out, these cases would fall more under monopolistic competition than under monopoly.
Explain factors determining elasticity of demand.
Define Managerial economics according to McNair and Meriam McNair and Meriam: "Managerial economics comprises the use of economic modes of thought to analyse business situatio
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
Q. Time Factor for Determinants of Demand? Price-elasticity of demand depends moreover on the time that consumers take to adjust to a new price: longer the time taken, greater
Problem: (a) Explain with the help of a diagram, the effect on a consumer's equilibrium, of an increase in the price of commodity X while the consumer's money income and price
Q. Explain the Shut down point? ShutdownPoint: With MR = MC, firm attains equilibrium at point E where it produces OM amount of the output. To produce this output, firm incur
Resource allocation in a free enterprise Although there are no central committees organising the allocation of resources, there is supposed to be no chaos but order. The major
BU 5210 Final Summer 2013 Economic Analysis
Indifference curves In order to explain indifference curves, we will again make the simplifying assumption that the consumer buys two goods, x and y. The table below gives
distinguish between industry demand and firm company demand
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