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Would like to have a nice summary for each question. The Profit Maximizing decision for the...

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Economics

Would like to have a nice summary for each question.

The Profit Maximizing decision for the Monopolist with thePerfectly Competitive firm/industry. How do they differ? Note thedifferences between the Demand curve for the PC firm and the Demandcurve for the Monopoly. What kinds of profits accrue to theMonopolist? Why is it said that the Monopolist’s profits persist?Why is that not true for the firms in a Perfectly Competitiveindustry?

Thanks

Answer & Explanation Solved by verified expert
3.7 Ratings (468 Votes)
In the perfect competition the profit maximization condition is Price Marginal Cost and in the monopoly the profit maximization is Marginal Cost Marginal revenue In the perfect competition market the firm    See Answer
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