ECO 2302 Lecture Notes - Perfect Competition, Marginal Revenue

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Pure monopoly characteristics: a pure monopoly contrasts with a perfectly competitive industry. Usually demand machinery and raw materials depending on the firms" nature. A portion of the demand that suppliers are obligated to provide. The closer the substitutes are for the product, the more horizontal the demand will be . Note: demand curves are more elastic than those faced by monopolies and less elastic than when faced with competitive firms. A monopolistic competitive firm maximizes profit/ minimize loss by producing quantities that show us.

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