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Q. What do you mean by Legal Monopoly?
Legal Monopoly: Some monopolies are engendered and protected under various laws. Inventors of new processes, devices or articles attain monopoly powers for such inventions under trade mark, patent and copyright laws. There are numerous illustrations oflegal monopoly of medicines. As Professor F.W. Taussing observes in his Principles of Economics, patents and copyrights are the simplest cases of absolute monopoly by law. Though as Professor E.H. Chamberlin points out, these cases would fall more under monopolistic competition than under monopoly.
What is the difference between monopoly and perfect competition? Monopoly versus Perfect Competition: 1. Perfect competition is equal to monopoly competition, at the perfe
Q. What is Production and Cost Function? Production functions and cost functions are the keystones of managerial and business economics. A production function is a mathematical
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Limitations of Open Market OperationsLimitations For their success central bank open market operation assume that commercial banks in the country will expand their credit port
Jeremy is an economics learner who loves hamburgers. He could eat any number of them for dinner, but he gets a really bad stomach ache after eating a certain amount. In fact, his u
Desire for a commodity This validates that a want or a desire doesn't develop into a demand except it is supported by the ability and willingness to acquire it. For example, a
The production function of a small shop that frames pictures is Q = 5 √ LK where Q is the number of pictures framed per day, L is labor hours and K is the machine hours.
DETERMINANTS OF MONEY SUPPLY The total supply of nominal money in the economy is determined by the joint behaviour of the central bank which controls the total issue of the hig
Provide two examples of identity economics other than those given in the article
what is segmentation
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