The first two questions face anyone who cares to distinguish the real from the unreal and the true from the false.
Baker Formerly at hspm. A "monopoly," in economics jargon, is the sole seller of its product. The way this is represented mathematically is to give the firm a downward sloping demand curve. This means that a monopoly is a firm whose demand is not perfectly elastic.
The monopolist can change the price, and the result is that the amount sold changes. This is contrast to a competitive firm, which must sell at the going price, take it or leave it, but can sell an unlimited amount of product at that price.
The monopolist is a "price maker," not a "price taker. Their demand is not perfectly elastic -- they can raise their prices without having the quantity demanded drop to zero. That makes them a monopoly, yes? Both answers are correct.
Economists call this kind of market "monopolistic competition," a term coined by economist Joan Robinson. Each firm that sells fast food has a demand curve with some slope; they can sell more by lowering their prices, or sell less by raising their prices.
This means that the monopoly analysis can be applied. Monopolistic competition Demand is not perfectly elastic. If the firm raises its price, quantity demanded does not go down to 0. If the firm lowers its price, quantity demanded increases, so it is possible that a price cut might increase revenue.
Monopoly Demand is not perfectly elastic. Is the distinction between monopolistic competition and monopoly clear to you? Most businesses we encounter in the course of a day are considered monopolistic competitors. In monopolistic competition, no great public harm results if one seller raises price above the competitive level.
Medical practices, for example, have product differentiation. People recognize differences among doctors, even though the differences are often a matter of style, and not of measurable quality.Cabotage 1.
Navigation and trade by ship along a coast, especially between ports within a country. Since the Jones Act, this has been restricted in the U.S. to domestic shipping companies. 2. Air transportation within a country. if a firm can raise market price by reducing output then.
A higher level of output and a lower price.
an attempt by one oilgopolist to increase its market share by cutting prices will leave competitors unaffected. FALSE. In economics, inflation is a sustained increase in the price level of goods and services in an economy over a period of time.
When the price level rises, each unit of currency buys fewer goods and services; consequently, inflation reflects a reduction in the purchasing power per unit of money – a loss of real value in the medium of exchange and unit of account within the economy. Fideisms Judaism is the Semitic monotheistic fideist religion based on the Old Testament's ( BCE) rules for the worship of Yahweh by his chosen people, the children of Abraham's son Isaac (c BCE)..
Zoroastrianism is the Persian monotheistic fideist religion founded by Zarathustra (cc BCE) and which teaches that good must be chosen over evil in order to achieve salvation.
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The firm’s actors and its decision making and information structures. Figure The firm’s actors and its decision making and information structures.