Monopoly

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What is a Market? Explains about Markets and their types

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Monopoly

  1. 1. L E C T U R E O N : ( a ) F E A T U R E S O F M O N O P O L Y ( b ) P R I C E A N D O U T P U T D E T E R M I N A T I O N U N D E R M O N O P O L Y B . T E C H E C E , M A N A G E R I A L E C O N O M I C S 1 1 - F E B , 2 0 1 3 Monopoly
  2. 2. FEATURES OF MONOPOLY  Single Producer  No close substitutes  No difference between firm and industry  No free entry  Monopolist controls only price or output  Revenue curve falls downwards from left to right
  3. 3. PRICE AND OUTPUT DETERMINATION UNDER MONOPOLY Y-AXIS MC AC OPQM = Total Cost OSRM = Total Revenue P Q OPQM - OSRM PQRS = Abnormal Profits S R E AR MR 0 M X- AXIS
  4. 4. Thank You

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