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Why Do Monopolies Exist?
Monopolists have market power and as a consequence will charges higher prices and generate less output than a competitive industry. It produces profit for the monopolist within the short and long run.
Profits will not persist within the long run unless there is a barrier to entry. It can take the type of:
a. Control and manage of natural resources or inputs,
b. Technological superiority, or
c. Economies of scale,
d. Legal restrictions imposed through governments, comprising patents and copyrights.
Disadvantages of Mixed Economy Large monopolies can still exist in the private sector, and so competition does not really take place There is likely to be a lot of bureaucr
A firm's technology needsit to combine 5 person-hours of labor with 3 machine-hours to make 1 unit of output. The firm has 15 machines in place and the wage rate rises from $10 per
Advantages of Planned System i) Uses of resources : Central planning can lead to the full use of all the factors of production, so reducing or ending unemployment. ii
what is the uses of production functns?
CONTRACTING AND INSIDER-OUTSIDER MODELS OF UNEMPLOYMENT From the Walrasian assumption of a market-clearing wage on efficiency considerations - it was postulated th
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Two firms are engaged in Bertrand competition. Both firms have a stable marginal cost of €7. Presently, every firm is allocated half the market. There are 10,000 people in the popu
in the context of an environment of business,state briefly the implication of (1) Ee>1.....(2)Ee=1......(3)Ee=0.......(4)Ee
how sample size technique is helpful in demand forecasting of a particular product?
What is Demand theory: Demand theory relates to the study of consumer behaviour. It addresses questions like what incites a consumer to buy a particular product, why do consume
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