54 623
Assignments Done
98,2%
Successfully Done
In November 2017
Your physics homework can be a real challenge, and the due date can be really close — feel free to use our assistance and get the desired result.
Be sure that math assignments completed by our experts will be error-free and done according to your instructions specified in the submitted order form.
Our experts will gladly share their knowledge and help you with programming homework. Keep up with the world’s newest programming trends.

Answer on Microeconomics Question for abdulla sabit

Question #42978
What is monopoly?Suppose,Firm-X only produces a product which is not produced by any other firm in the market;however,the product got close substitutes.Can we consider this firm as monopolist firm?Explain.
Expert's answer
A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity (this contrasts with a monopsony which relates to a single entity's control of a market to purchase a good or service, and with oligopoly which
consists of a few entities dominating an industry). Monopolies are thus characterized by a lack of economic competition to produce
the good or service and a lack of viable substitute goods.

If the product got close substitutes, this firm is not a monopolist, but there is a market of monopolistic competition, where goods are differentiated.

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be first!

Leave a comment

Ask Your question