Why is the size of the firm not a very reliable criterion in identifying monopoly?
Answer to relevant QuestionsThere is hardly any good that does not have substitutes. Discuss. Complete the table for a Taco Bell burrito special, using any numbers you wish, to illustrate (1) Taco Bell's most effective advertising and (2) its more moderately effective advertising, relative to the demand schedule for ...Economists refer to perfectly competitive firms as price-takers and to monopolies as price-makers. Why? Why are economies of scale central to the argument that monopolies may end up producing more and charging less than perfectly competitive firms? How does the behavior of an oligopolist differ from the behavior of a monopolist? From a firm in perfect competition? From a firm in monopolistic competition?
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