Price is an economic factor that is used to refer to the amount of money an individual pays in exchange for obtaining the ownership of a given product or service. Typically, the value which is a derivation of price can be described as the amount individuals are willing and rea...
There are four basic market types that all firms fit into: perfect competition, monopoly, monopolistic competition, and oligopoly. Perfect competition and monopoly are at the two ends of the spectrum with the other markets falling in between....
Explain why political forces are more active in the labor market than in other markets. Give three reasons that explain why the division of labor increases an economy's level of production. Why was the economy of 50 years ago - wi...
Why do some industries' markets fall in monopolistic competition? Explain why monopolies and oligopolies tend to experience economic profits in the long run. What makes a monopolistic competition different from a purely competitive firm?...
in the dot-coms, the episode had clear macroeconomic cycle in stock prices was reflected by a similar cyclical movement in econ-omy-wide unemployment, the unemployment rate falling from its – per-cent range during the last three quarters of 1995 to its record low of per-cent in 2000 and ...
Explain why price is greater than marginal revenue for a single-price monopolist and how this differs from perfect competition. Explain how a monopolist uses price discrimination in an effort to increase its profits. In your answer, you should di...
Inferior Goods | Definition, Examples & Demand Curve from Chapter 3 / Lesson 7 57K Discover what a normal good is, know the definition of an inferior good and see examples of normal goods and inferior goods. Read about the demand curves for inferior goods and normal goods. ...
In economics, revenue is the returns that a business or firm receives from the exchange of products and services to its customers. On the other hand, marginal revenue refers to the added income obtained by increasing one unit of a product or ser...
b. Explain in detail how mutual interdependence impacts oligopoly markets. c. Explain in detail how managers make use of Refer to the graph above a. What is the profit-maximizing quantity and what price will the monopolist charge? b. What is the total revenue at the profit-m...
The law of diminishing marginal revenue states that once maximum efficiency is reached, the amount of profit earned per unit will decrease. This can be due to demand saturation (i.e., diminishing marginal utility for consumers) or escalating production costs (i.e., diminishing marginal product f...