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What are the differences between perfect competition and monopoly competition?
Ans) In a monopoly, you are gaining an unfair benefit over any competition because you own so many infrastructures. Monopolies used to be called as trusts, which is why you sometimes hear of Anti-Trust Law violations.
At one time, AT&T owned each phone line, each phone and every piece of phone equipment in the country. They monopolized the industry; how could you compete with them when they owned everything? Likewise, the Post Office has an excellent infrastructure for delivering mail, but they do not have a monopoly due to FedEx and UPS and DHL have all found ways to carve out a healthy piece of the parcel moving business, so though UPS always grumbles about the Post Office, they do OK in competition.
Elplain the casual factors of the traditional business cycle and its effects on sectors of the economy
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The elasticity of demand in the local hardware industry is -2, while in the video market it is. Which industry has a higher markup over marginal cost (as a percentage of price)?
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ACCOUNTING SYSTEM-EXAMPLE IV Now consider the economy as in example III. In the next year same outputs were produced and the same incomes were paid out. However, the household
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