Question 1 : Inflation is a global Phenomenon which is associated with high price causes decline in the value for money. It exists when the amount of money in the country is in excess of the physical volume of goods and services. Explain the reasons for this monetary phenomenon. Define Inflation Ans :- Inflation is the percentage change in the value of the Wholesale Price Index (WPI) on a year-on year basis. It effectively measures the change in the prices of a basket of goods and services in
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Roguephoenix FaceB**K PLEASE COMMENT TO LET ME KNOW THAT THIS IS HELPING MY FELLOW PHOENIX. 1. A purely- or perfectly-competitive firm would be characterized by which of the following? Hint : The different types of firms include pure competition‚ pure monopoly‚ monopolistic competition‚ and oligopoly. A. Large number of firms‚ price taker‚ free entry and exit‚ and standardized product B. Large number of firms‚ price maker‚ free entry and exit‚ and a differentiated product C. Small
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responsibility of business - to use its resources in activities designed to increase its profits’2. A firm aspiring to maximise profit will still be constrained by the market structure‚ best demonstrated in the contrast between perfect competition and pure monopoly. Perfectly competitive markets‚ while argued by some to be unlikely to exist due to their strong assumptions of multiple buyers and freedom of entry and exit‚ have experienced a relative resurgence in the UK due to the popularity of e-commerce
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non price competition in order to avoid price wars. In an oligopoly the firms are interdependent and take into account likely reactions of their rivals to any change in price‚ output or forms of non-price competition. In perfect competition and monopoly‚ the producers did not have to consider a rival’s response when choosing output and price. The kinked demand curve can be used to support this‚ elastic - rivals wouldn’t-amour pro PF - - _ _ - -rivals more likely to follow
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competition should lead to the optimum allocation of | | |resources. | |Monopoly |A monopoly is a firm that dominates the market and in the case of a pure monopoly | | |has a 100% market share (produces the entire output of the industry). A monopolist | | |will have
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SR. NO TOPIC PAGE NO. 1 OLIGOPOLY 3 2 PERFECT COMPETITION 5 3 MONOPOLY 7 4 MONOPOLISTIC 9 5 COMPARISON 11 Oligopoly An Oligopoly is an industry dominated by a few firms‚ e.g. supermarkets‚ petrol‚ car industry etc. The main features of oligopoly: An industry which is dominated by a few firms. Interdependence of firms‚ firms will be affected by how other firms set price and output. Barriers to entry‚ but less than monopoly. Differentiated products‚ advertising is often important Most
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Structure Simulation Quasar Computers When industries are selling similar products this makes up market structure. I will be discussing economic profit that Quasar computer is able to make. The market structure is made of the following pure monopoly‚ pure competition‚ monopolistic competition‚ and oligopoly. In the simulation I learn about pricing and non pricing strategies and understanding the diverse market structure. Quasar put out a new first all-optical notebook that is called Neutron.
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summary marketers must identify‚ assess‚ monitor and manage risks to supplies and risks to the price of supplies. o From Marketing 2nd Edition by Elliott‚ Rundle-Thiele Waller Competitors Types of competition include pure competition‚ monopolistic competition‚ oligopoly‚ monopoly and monopsony. Levels of competition include total budget competition‚ generic competition‚ product completion and brand
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Advantages of Monopoly: Monopolies do not always lead to increased prices‚ lower outputs and welfare losses. In fact‚ monopolies can often lead to increases in society’s welfare as large monopolists benefit from economies of scale in production and distribution. These falls in costs can often be passed on to consumers in the form of lower priced products. We will now discuss briefly some of the potential advantages of monopolistic market structures. • Lower production costs and increased welfare
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conceptually understand the idea of (possibly sticky) price-setting is to assert that firms are indeed price-setters‚ rather than pure price-takers. As you should recall from basic microeconomics‚ the market structure of monopoly offers a relatively easy analytical framework in which firms are indeed price-setters. However‚ from the point of view of macroeconomics‚ pure monopoly seems an untenable view to adopt. After all‚ it is implausible‚ at the aggregate level‚ to asset that there is one producer of
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