What does the statement "in monopoly, the firm is the industry" mean?
Answer to relevant QuestionsIf you were an entrepreneur in a perfectly com petitive market, would you attempt to innovate? Why or why not? For perfectly competitive firms, economic profit exists only in the short run. Why? Why are economies of scale central to the argument that monopolies may end up producing more and charging less than perfectly competitive firms? Discuss the relationship between concentration ratios and market power. Why do firms in oligopoly produce many brands of the same good?
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