The only relevant difference between the curves for a monopoly and the equivalent ones for a firm in a competitive market is that?

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18-08-2022
Business

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The only relevant difference between the curves for a monopoly and the equivalent ones for a firm in a competitive market is that?

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tutorconsortium201 tutorconsortium201 · Answer 1 · 2022-08-25T04:55:52+02:00

The only relevant difference between the curves for a monopoly and the equivalent ones for a firm in a competitive market is that marginal and average revenue slope downward for the monopolist.

What type of curve does a monopoly have?

In Panel (b) a monopoly faces a downward-sloping market demand curve.
As a profit maximizer, it determines its profit-maximizing output.
Once it determines that quantity, however, the price at which it can sell that output is found from the demand curve.

What is a difference between a monopoly and perfect competition ?

In perfect competition, firms produce identical goods, while in monopolistic competition, firms produce slightly different goods.

How does a demand curve for a monopoly differ from a demand curve for a perfectly competitive firm?

Because the monopolist is the only firm in the market, its demand curve is the same as the market demand curve, which is, unlike that for a perfectly competitive firm, downward-sloping.

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