ch08 Student: ___________________________________________________________________________ 1. You are the manager of a firm that produces output in two plants. The demand for your firm’s product is P = 78 - 15Q‚ where Q = Q1 + Q2. The marginal costs associated with producing in the two plants are MC1 = 3Q1 and MC2 = 2Q2. How much output should be produced in plant 1 in order to maximize profits? A. 1 B. 2 C. 3 D. 4 2. You are the manager of a firm that produces output in two plants. The demand
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product on the market. ANSWER: c restrict output and increase price. SECTION: 1 OBJECTIVE: 1 2. If government officials break a natural monopoly up into several smaller firms‚ then a. competition will force firms to attain economic profits rather than accounting profits. b. competition will force firms to produce surplus output‚ which drives up price. c. the average costs of production will increase. d. the average costs of production will decrease. ANSWER: c the
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powers of the CCI | 12 | 6. | Leading case laws | 20 | 7. | Bibliography | 23 | INTRODUCTION Competition Commission of India is a body of the Government of India responsible for enforcing The Competition Act‚ 2002 throughout India and to prevent activities that have an adverse effect on competition in India. The objectives of the Act are sought to be achieved through the Competition Commission of India (CCI)‚ which has been established by the Central Government with effect from 14 October
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30.11.2012 Key learnings from Micro Economics module It was a very informative session and an eye opener. I was under the impression that economics only deals with fiscal and monetary policies. This was my first acquaintance with micro economics and it opened up a new perspective. I am in a position now to understand many events that happen every day around me. I am able to have a broad idea about how these events may have a direct or indirect impact on me as an individual (professionally as well
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market structure of monopolistic competition and oligopoly. It is characterised by: • a single seller producing a product with no close substitutes. The firm and the industry are the same. The product is unique - there is no close substitute for it. You either buy the product or go without. • effective barriers to entry into the market (legal‚ technological‚ economic). These barriers block new firms from entering the industry‚ blocking potential competition. • the firm is a price maker;
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production sold by the monopoly‚ then they must buy from the monopoly. This means that the demand curve facing the monopoly is the market demand curve. They are one and the same. The characteristics of monopoly are in direct contrast to those of perfect competition. A perfectly competitive industry has a large number of relatively small firms‚ each producing identical products. Firms can freely move into and out of the industry and share the same information about prices and production techniques. Single
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Book Report on The Perfect Storm by Sebastian Junger The fishing port of Gloucester‚ Massachusetts‚ just north of Boston‚ is one of the oldest fishing ports in the United States and can trace its history to around 1623. Since that time‚ around ten thousand men have lost their lives fishing the Atlantic Ocean. Not only did the fishing port feel the full brunt of the storm but that fateful day in October 1991 was to add another six men to that tally when the fishing boat Andrea Gail was caught in
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PERFECT COMPETITION Short Run Equilibrium of the Firm Under Perfect Competition: Definition and Explanation: By short run is meant a length of time which is not enough to change the level of fixed inputs or the number of firms in the industry but long enough to change the level of output by changing variable inputs. In short period‚ a distinction is made of two types of costs (i) fixed cost and (ii) variable cost. The fixed cost in the form of fixed factors i.e.‚ plant‚ machinery
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Table of Contents Introduction of Competition………………………………………………………………………2 Economic Phases in India…………………………………………………………………………4 The Competition Act‚ 2002……………………………………………………………………….8 Anti – Competition Agreements (Section 3)…………………………………………….10 Abuse of Dominance (Section 4)………………………………………………………...11 Regulations of Combinations (Section 6)………………………………………………..13 Competition Advocacy (Section 49)…………………………………………………….16 Competition Commission of India………………………………………………………………18
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Economics of Competition Policy in India: Emerging issues Rajeev C.Bharathan‚ Background Generally in economics‚ competition is seen as rivalry among firms for a larger share of the market‚ which leads to efficiency in production and lower prices for the consumers. Competition can be defined as a process by which cost efficient production is achieved in a structure where entry and exit are easy‚ a reasonable number of players (producers and consumers are present) and close substitution between
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