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Features of Monoploy in Monopolistic Competition
Monopolistic competition has the following features from monopoly:
As the products are differentiated substitutes, each brand or type has its own sole seller e.g. each brand of toilet soap is produced by only one firm.
If one firm raises its price it is likely to lose a substantial proportion of its customers to its rivals. If it lowers price it is likely to capture a proportion of customers from its rivals. But in the first case some of its customers will remain loyal to it and in the second case some customers will remain loyal to their traditional suppliers. Hence, as in monopoly the demand curve for the firm slopes downwards but it is more elastic than in monopoly. Thus the revenue for the firm in monopolistic competition is as follows:
Importance of Cross Elasticity Knowledge of cross elasticity is necessary when the government wants to impose a tariff on an imported commodity to protect a domestic industry.
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#Plot the demand schedule and draw the demand curve for the data given for Marijuana in the case above.question..
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Average Revenue (AR) This is the revenue per unit of the commodity sold. It is obtained by dividing Total Revenue by total quantity sold. For a firm in a perfectly competiti
Fall in Supply When the supply falls, the supply curve shifts to the left to position S 1 S 1 . At the initial equilibrium price P 1 , quantity supplied falls from q 1
law of demand
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