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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.
Marris constraints of growth maximisation
game theory matrix dominant strategy
Enumerate the Scope of managerial economics The scope of managerial economics contains following subjects: 1. The Theory of demand 2. The Theory of production 3. The
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Q. What is Technical Economies? The significant technical economies result from the use of specialised capital equipment that comes into effect only when output is produced on
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
Q. What is Labour Requirements on the production capacity? Labour Requirements: Spending on labour is one of the most vital elements of cost of production. Dependable and cor
explain the managerial economics
ECONOMIC EFFECTS OF TAXATION a. A deterrent to work Heavy direct taxation, especially when closely linked to current earnings, can act as a serious check to production
Factor combination in the long run In the long run it is possible to vary all factors of production. The firm is therefore restricted in its activities by the law of diminish
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