24
edits
Changes
Jump to navigation
Jump to search
Line 4:
Line 4: − (2) Perfect competition+ − (3) Monopoly+ − (2) Control of valuable resources+ − (3) Rewarding the biggest company with the lowest average cost+ − (4) Government grants such as patents and copyrights+ − +
Economics Homework Nine Answers - Student Thirteen (view source)
Revision as of 19:42, November 14, 2009
, 19:42, November 14, 2009no edit summary
3. (1) Monopolistic competition
3. (1) Monopolistic competition
(2) Perfect competition
(3) Monopoly
4. (1) Licensing of professionals
4. (1) Licensing of professionals
(2) Control of valuable resources
(3) Rewarding the biggest company with the lowest average cost
(4) Government grants such as patents and copyrights
5. The Law of Demand keeps a monopoly from increasing the prices without limitations. Consumers will not want to pay a higher price for the good or service. If the consumer can live without the good or service, then they will not pay for it. Therefore, there will a lower quantity sold and a loss of profit.
5. The Law of Demand keeps a monopoly from increasing the prices without limitations. Consumers will not want to pay a higher price for the good or service. If the consumer can live without the good or service, then they will not pay for it. Therefore, there will be a lower quantity sold and a loss of revenue.