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

Q: What makes a monopolistic competitive firm different from that of a monopoly? From an economic…

A: The monopoly market and monopolistic competitive market, both are the market structure, with some…

Q: Which of the following could explain why a firm is a monopoly? Select one or more answers from the…

A: ANS Patents : In the presence of patents a firm legally gets the license from the government to be…

Q: When compared to perfect competition, a monopoly market structure is criticized because they produce…

A: Perfect competition is the market structure where there are large no of buyers and sellers selling…

Q: what is the similarities between perfect competition and monopoly?

A: Perfect competition and monopoly markets, both two different market structures. however, there are…

Q: describe and compare the efficiency of perfect competition, single-price monopoly, perfect…

A: The basic decrease in the sum of unnecessary assets needed to manufacture a defined quantity of…

Q: All imperfect competitors; pure monopoly, oligopoly, and monopolistic competition face downward…

A: The two broad categories of market forms namely perfect and imperfect competition differ largely on…

Q: monopolist, as opposed to a company in a perfectly competitive market:

A: Perfect competition market ;- where large numbers of sellers and buyers exist and exchange…

Q: Using the three characteristics of monopoly, explain why each of the following is a monopolist: A.)…

A: Monopoly is a market condition where there is a single seller. It sells a unique commodity in the…

Q: Which of the following is a barrier to entry for a monopoly?   Question 3 options:   severe…

A: In a monopoly, there is a single seller with no free entry and exit of firms. The firm produces…

Q: Why the demand curve for a firm operating in monopolistic competition is more elastic compared to…

A: Different forms of market structures differ in their level of competitiveness. A monopoly is a form…

Q: Compare the equilibrium of a firm under perfect competition with that of a monopolist in the…

A: Perfect Competition is a market structure where there is a large number of firms. Entry and exit…

Q: Compare and contrast monopoly and perfect competition market structures in the Long-run

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

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

A: According to economic theory, perfect competition exists when all companies sell the same things,…

Q: What economic formula or graph does the Anti-Trust Department follow before they decide to break up…

A: Normative economics deals with what should happen or what ought to be.

Q: What do you see as the main costs and benefits of allowing a single firm to gain a monopoly in an…

A: A monopoly is a form of market where there is a sole producer of a particular product in an…

Q: The graph on the right represents the demand, marginal revenue, and marginal cost curves for a…

A: Meaning of Market: The term market refers to the situation under which the producers or the…

Q: What are the three reasons that a market might have a monopoly? Give two examples of monopolies and…

A: A monopoly is a sole producer of a good in the market thus acting as a price maker.

Q: One of the sources of Monopoly market power is their Economies of Scale. What will happen when…

A: When there is economies of scale in monopoly market,monopoly firms can expand their business on a…

Q: How does a monopolist decide its production amount and pricing strategy? Explain. Use of appropriate…

A: Monopoly is a market condition where there is a single seller. It sells a unique commodity in the…

Q: Explain the concept of the Deadweight Loss? Why is a monopoly firm more likely to be able to earn a…

A: There are different types of market structures based on barriers to entry and exit of firms, the…

Q: Explain why it is not possible for a monopoly firm to maximize its profits by charging a price in…

A: >A monopoly is a profit maximizer. It is the only seller in the market selling the good with no…

Q: All of the following can break a monopoly EXCEPT a. increased barriers to entry b. technology and…

A: Monopoly is a market structure in which there us one single seller in the whole market.

Q: Monopoly firm

A: A market where there are one firm, and many buyers are called a monopoly. A monopoly is a market…

Q: Draw a sketch of the graph to answer the following question: When the demand curve is more elastic,…

A: The price charged by the monopolist is greater than the marginal cost of production and extend to…

Q: Suppose a perfectly competitive industry turns into a monopoly but the cost structures remain the…

A: Perfect market: It refers to the market under which there are many firms in the market. The perfect…

Q: The government regulates monopolies for various reasons, to apply effective price control to reduce…

A: Monopoly is a market condition where there is a single seller. It sells a unique commodity in the…

Q: Consider the following firms. Would you regard any of them as a monopoly? Why or why not? Could you…

A: Monopoly is defined as a market structure where there is only a single seller of a product that has…

Q: Discuss the similarities and differences between monopoly and monopolistic competition. Provide…

A: Competition: It refers to a situation in which two or more groups try to achieve something with the…

Q: In both perfect competition and pure monopoly Competitive Market Monopoly Consumer Surplus Profits…

A: A perfect competition(PC) market is one with many consumers and sellers producing identical…

Q: ) The Fundamental cause of monopoly is barriers to entry. Discuss the main causes of Monopoly.

A: The monopoly market refers to the market where only single seller exists in the market. The firm is…

Q: A perfectly competitive firm is expected to make a $0 economic profit in the long-run. What type(s)…

A: Perfectly competitive firm is a price taker and monopolist is a price maker.

Q: Compare the efficiency of monopoly and perfect competition firms on the same graph by considering…

A: A perfect competitive firm maximizes profit by equating Price and MC. This is the efficient…

Q: Which of the following is not a reason for the existence of a monopoly? Select one: a. Sole…

A: Monopoly: It refers to the single product which is selling goods and services to the people. The…

Q: monopoly market characteristics

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

Q: How does monopoly compare with pure competition in terms of price, output, and efficiency? Explain.

A: Perfect competition refers to the market structure where there are large number of buyers and…

Q: For each of the following characteristics, say whether it describes a monopoly firm, a monopolistic…

A:

Q: Microsoft was once accused of being a monopoly - they were one of many computer companies who sold…

A: Microsoft bundled its Operating system with Internet explorer initially.

Q: Compare the market structure of monopoly to perfect competition.how do they diffe

A: Different forms of market structures differ in their level of competitiveness, ranging from highly…

Q: Compare and contrast the similarities and differences between perfect competition and monopoly.

A:

Q: Monopoly and Economic efficiency: importance and problem of monopoly market

A: A market structure in which only one seller caters to the needs of a large number of buyers is…

Q: When confronted with a natural monopoly that restricts output and charges monopoly prices, the two…

A: The natural monopoly is said to exist when economies of scale are so large that a single firm is…

Q: Which of the following, in your view, is the BEST example of a NATURAL monopoly. Note some of these…

A: Monopoly Market: The situation of the market where only single sellers exist in the market and there…