Economics

Monopoly

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Monopoly A monopoly exists when a firm dominates a market. A monopoly is defined as a firm with 25% or more market share in a particular industry. Characteristics of a Monopoly: One firm dominates the market. High barriers to entry and exit. Price makers (Downward sloping demand curve). Firms are profit maximisers (MC = MR). […]
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Monopoly
Monopolistic Competition

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Monopolistic Competition Monopolistic competition is similar to perfect competition. However all the products they sell are slightly differentitated. Due to this firms in monopolistic competition have a downward sloping demand curve and are able to set price. Example Hairdressers – All hairdressers differentiate themselves through the price, quality and experience they provide to customers. Restaurants […]
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Monopolistic Competition

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