Perfect competition in the long run can not sustain economic profit as entry by other companies and expansion in the industry as well.
Monopolistic Competition
The corporation maximizes its profit and produces a quantity where the firms marginal revenue (mr) is equal to marginal cost (mc)
Oligopoly
Is a market were it is dominated by a few businesses. Above the kink the price is relatively elastic, below the kink the price is relatively inelastic because other firms will introduce lower prices and a price war will start.
Monopoly
The monopoly graph shows that the demand curve is not constant as out put is increased.
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