Is a monopolist subject to any competitive pressures

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Reference no: EM13188265

1-) Is a monopolist subject to any competitive pressures? Explain. Would an unregulated monopolist have an incentive to operate and produce efficiently? why or why not?

2-)Are the following statements both correct? Are they inconsistent with each other? Explain.
a. "Firms will hire a resource only if they can make money by doing so."

b. "In a market economy, each resource will tend to be paid according to its marginal product. Highly productive resources will command high prices, whereas less productive resources will command lower prices."

Reference no: EM13188265

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