Topic: Monopoly Firm
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Why do firms become monopolies?
Two main reasons: 1. There are greater profits to be gained by being a monopoly, either in the form of lower costs (economies of scale) or higher revenues (since all the industry demand is supplied by one company). 2. Less uncertainty. You ... Read More »
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How a monopoly firm will not achieve allocative efficiency?
They produce at a different point than a competitive firm, a monopoly produces at a point where marginal revenue= marginal cost, where a competitive firm equates price to marginal cost. The marginal cost curve is lower than the demand curve... Read More »
Source: http://wiki.answers.com/Q/How_a_monopoly_firm_will_not_achieve_al...
How is a monopoly and a perfectly competitive firm similar?
Both maximize profit where MR = MC. Read More »
Source: http://wiki.answers.com/Q/How_is_a_monopoly_and_a_perfectly_compe...
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Monopoly Firm
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A firm is a monopoly if it is the sole seller of its product and if its product has no close substitutes.
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A perfectly competitive industry has a large number of relatively small firms, each producing identical products etc
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Under perfect competition, firms supply products up to the point were marginal cost equals marginal revenues. In contrast, a MORE?
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The only seller in monopoly firm has market power and can influence prices. Source(s): A monopoly is a firm that is the sole seller of its product, and where there are no close substitutes. http://www.econ.ohio-state.edu/jpeck/H20…
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Economists believe monopolies will produce lesser good because there is no incentive to improve to meet demands of customers.
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