Economics is an interesting and exciting field of study, but students sometimes get stuck with basic topics such as monopoly in economics. So be it any other type of monopoly, oligopoly, monopolistic competition, demand and supply of a product and so on, our subject matter experts are PhD holders and they know how to craft that stellar HI5003 – Economics for Business & Assessment Solutions. In case you would like to go ahead all by yourself, no worries, I would still like to help you. So, let’s discuss the basic topic of monopoly in economics. Let’s begin.
“Market form in which a single producer controls the whole supply of a single commodity which has no close substitutes.”
As an economics student, you all might know a monopoly is a term used for those firms who have a strong foothold as a sole seller of a particular product that it deals in as well as where there are no close substitutes available. It is also to be noted here that an unfettered monopoly boasts of market power and can also influence prices. For instance, Microsoft and Windows, DeBeers and diamonds etc.
Now, the question arises as to why monopolies arise in the market? It does so because of the following factors:
To get clarity as to how the monopoly revenue is calculated, consider the below-mentioned table:
Average profits are equal to the expense for any S, AP = P×S/S, but peripheral profit is less than the price. Peripheral profits, ªTR/ªS, can even be negative.
When output upsurges, there are two effects on profits, P×S.
If the cost did not change as a consequence of the increased amount, we would only have a quantity consequence, and peripheral profit or marginal revenue would be the same as the cost. For a price taker, there is no price effect, so MR = P. For a monopoly, MR < P
What are the 4 types of monopolies?
Below are the 4 types of monopoly:
Oligopoly is a market or an industry subjugated by a minor set of big vendors. Four features of oligopoly commerce are as follows:
Below are some of the examples of oligopoly industries:
There are ample reasons why you must count on us for reliable HI5003 – Economics for Business & Assessment Sample and solution. Not just the fact that we give you 100% original content, we make sure that the solutions are well-reasoned and well-researched. It has been over a decade that Online Assignment Expert has been serving and helping out stuck students in drafting that perfect HI5003 – Economics for Business & Assessment Solution so that they can easily pass the semester with flying colours. That’s why students rely on us when they want to get the best economics assignment help. We are counted amidst the trusted providers of assignment help in Australia.
Moreover, in case you are pondering over the fact that we would be able to give you your assignment on time. Then fret not; it has been our track record of offering all the orders well before time so that the students also get time to get hang of the solutions drafted. The icing on the cake is that we offer a Turnitin report, for which we don’t charge a single penny extra along with your order to stamp our originality of content. Below are some of the added benefits of choosing us as your assignment help partner:
End your quest here for HI5003 – Economics for Business & Assessment Solution and get rid of all your worries!
Get 100 Words
For Your Assignment Today