What is the LesterMachlup controversy about?
Answer to relevant QuestionsWhat is the firm's total profit? Monopolists can choose to produce at any price along its demand curve, but that option does not exist for firms in perfect competition. Explain. Why is the size of the firm not a very reliable criterion in identifying monopoly? What does the statement "in monopoly, the firm is the industry" mean? Why does the firm's demand curve become more elastic in a monopolistically competitive market as more firms enter the market?
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