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When single business or corporation dominates its area and squeezes out all its competition, the result is the consumer does not have a open choice, and inevitably, the price of its products or services will enhance, and the 'Monopoly' enhances its profit. Though, sometimes prices stay low to discourage anybody from entering the market, profit still does happen. Not to be confused with a pure monopoly, where a company has control over the whole market for a product because of barriers.
Though, a monopoly is a philosophical process of direct competition leading to a pure monopoly it is not in itself a purely dominating force. It is rather, the process of getting competitive grounds for strive toward total control.
Explain why we cannot measure the national product simply by adding up the production of all firms. Why do the economists use real GDP rather than nominal GDP to gauge economic
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Criticism of keynesian system
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uses of national income statistics..
Suppose in a large department store, the average number of shoppers is 448, with a standard deviation of 21 shoppers. We are interested in the probability that a random sample of 4
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Sara runs a small business assembling personal computers. This table shows her total cost at different levels of output. Number of computers produced
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