In the theory of the firm there is a distinction between cost curves in the total and should be submitted within a deadline set by the tutor A bibliography of sources should be provided.
With the aid of relevant diagrams,describe the characteristics,price and output behavior of a perfectly competitive market and a monopoly,and compare the two market structuresThe fundamental cause of monopoly is barriers to entry: a monopoly can remain the only seller in its market position.
The following picture help us explain the idea a monopolist make decisions about Profit maximization where marginal cost equals marginal revenue is an important concept in the theory of the firm,explain the concept of profit maximization.There are many alternative theories to profit maximization,explain one alternative theory.Reference:
(1) .AmosWEB is Economics: Encyclonomic WEB*pedia". . Retrieved 2018-03-06.
(2) Frisch, R., Theory of Production, Drodrecht: D. Reidel, 1965.
(3) Ferguson, C. E., The Neoclassical Theory of Production and Distribution, London: Cambridge Unive. Press, 1969
(4) Landsg, S (2002). Price Theory and Applications (fifth ed.). South-Western.
(5) Lipsey, Richard G. (1975). An introduction to positive economics (fourth ed.).
(6) Weidenfeld and Nicolson. pp. 214–7. ISBN 0-297-76899-9.
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