What are the key characteristics of perfect competition? How does monopoly differ from perfect competition? Which market achieves economic efficiency? Write an example of perfect competition, and one for monopoly.

Q: What are monopolies and oligopolies? How do they tend to differ from businesses in a market where…

A: Both monopolies and oligopolies are the imperfectly competitive markets. The monopolies are a market…

Q: Q4. Perfect competition is considered a better choice for consumers because they get quality…

A: Perfect competition is a market structure where goods are identical. consumers have perfect…

Q: If a decrease in the demand for product X causes the demand curve for product Y to shift to the…

A: Answer: Butter and Margarine

Q: Economics Supposes Monopharm wants to maximize profit, what quantity does it sell, what price does…

A:

Q: Draw both the market structure in the same graph and show me the consumer surplus for perfectly…

A: As shown in the diagram under perfect competition the socially optimal price is Pc and the socially…

Q: Explain using a two-dimensional graph how imperfect competition brings a loss of economic…

A: The imperfect competition causes loss of efficiency. The efficiency is achieved where the P = MC.

Q: Which of the following is true in the long run for both perfect competition and monopoly?     1…

A: A) in perfect competitive market:- 1) in perfect competitive market, there are many number of…

Q: If a social planner were running a monopoly, that planner could achieve an efficient outcome by…

A: A social planner is a hypothetical individual or group who seeks to make decisions that would…

Q: What would the problem be if the government forced a natural monopoly to set a price equal to its…

A: A natural monopoly is a firm in such a industry which requires very very large initial investment,…

Q: From a societal point of view, can we claim that perfect competition and monopoly are equally…

A: Perfect competition and Monopoly are two different market with totally different features. Perfect…

Q: A perfectly competitive firm is considered to be more generous in terms of price and quantity of…

A: In perfect competition there are Large number of buyers and sellers exchange homogeneous product at…

Q: Why is marginal revenue lower than price for a monopoly?

A: A monopoly is a form of imperfect competition that has a single seller and a large number of buyers.…

Q: Why is the level of output at which marginal revenue equals marginal cost the profit-maximizing…

A: Every producer produces services and goods and sells them in the market. The main objective of every…

Q: Why monopoly firm earns abnormal profit in the long run?

A: Monopoly firm is the single seller of its product without any close substitute which gives monopoly…

Q: Perfect competition and monopoly are the two extremes of market structures. Discuss the difference…

A: The structure that depicts the way in which firms are being categorized and differentiated being…

Q: What is Monopoly and Profit Maximation?

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

Q: What are the main differences between a perfectly competitive market and a monopoly?

A: A market is a framework or system that makes it easier for buyers and sellers to exchange resources,…

Q: Explain in detail the differences between Perfect competition and Monopoly. Using completely…

A: Perfect competition is a market where price is fixed because consumers have complete information of…

Q: Which of the following statements about price-takers is false? We do not analyze them using diagrams…

A: An individual or business that must accept market prices because it lacks the market share to do so…

Q: 7. In monopoly and perfect competition, the cost curves are O Same

A: To find : Relation between Cost curves of monopoly and perfect competition.

Q: Which of these situations is likely to produce a monopoly market structure?   Group of answer…

A: Monopoly is the form of market where there is only single seller in the market for specific…

Q: Q.NO.2: Explain the differences between perfect competition and monopoly? Explain how a monopolist…

A: In a perfectly competitive market, there will be a large number of sellers, which means that a…

Q: Tony's Tree Service is the only firm in a town that removes large trees. Tony invested in costly…

A: A market arrangement known as a monopoly has a single seller controlling the whole market. The…

Q: compare and contrast the monopoly and perfect competition in market structure in long run?

A: Monopoly is a market structure which has a single seller and many buyers. Perfect competition is a…

Q: How is the demand curve perceived by a perfectly competitive firm different from the demand curve…

A: ANS The main distinguishing between a monopolist & a competitive market is that in a monopoly…

Q: Question 17 Profit-maximizing monopolies will produce than will be produced in a perfectly…

A: An industry with a profit-maximizing monopoly will yield lower output than one with perfect…

Q: Comparing a perfectly competitive market to a monopoly, which of the following is true? Group of…

A: Perfectly competitive market A perfectly competitive firm is a price taker, which means it takes the…

Q: Different between the monopoly market and perfect competition market. Define in a well manner.

A: In economics, market definition is the process of identifying and delineating a particular market…

Q: If you are to compete with a monopoly, what will be your biggest roadblock or challenge? Why?

A: Monopoly: It refers to the market where there is a single producer in the market. The producer helps…

Q: Barriers to entry Multiple Choice usually result in perfect competition are characteristic of pure…

A: barriers of entry is the restriction either imposed by the government or due other high investment…

Q: Suppose that the central bank in this economy is concerned that inflation is too high and wants to…

A: The economy often slows down the rise in inflation rate to help the household and businesses to make…

Q: There are four market models: perfect competition, monopolistic competition, oligopoly and monopoly.…

A: It can be defined as a form of monopoly that is legal and this type of monopoly is granted by the…

Q: Which of the following is not an artificial barrier to entry into a monopoly market?     Answers:…

A: Artificial barriers to entry are those which deals with patents and licensing requirements. In case…

Q: why can a monopoly earn economic profits in the long run?

A: A circumstance where the seller can make more than usual earnings is known as a supernormal profit.…