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Among all the market conditions present in an economy, Monopoly market structure also constitutes an important part.Price and output decisions in monopoly are solely taken by the individual firms. You can get more information on this topic with the help of the Monopolist’s Output Decision homework help online.
Monopoly as the name describes clearly, that is a market situation there will only be one seller for a particular product or service.Though it is quite rare market situation and exists only when you talk about the firm that is owned by state.
As in monopoly the seller is free to decide about the price of the products or services they are providing, that is why, in monopoly market situation, the firms are price makers rather than price takers.
Students definitely will find this topic of economics quite interesting to study. But in case you are encountering any trouble completing your homework, then it is suggested to visit the Monopolist’s Output Decision assignment help online to get rapid solutions.
What is meant by monopolistic’s output?
As you have studied till now that a monopoly market means the firms are price makers instead of price takers so far. The other conditions of monopoly market include that entry of other firms are prohibited and also the firm has no close substitutes.
Well, like other market situations where firms arrange the basic resources and workforce to manufacture the goods. In monopoly also firms are responsible for arrangement of basic necessities require in production of goods.
Hence, price of these goods and how much goods need to be manufactured are also decided by the firms only. Economics students can get details on this by visiting the Monopolist’s Output Decision homework help online.
Assumptions of monopoly market situation
When you talk about monopoly market situation, you need have some assumptions in mind in order to understand this concept better. The two assumptions which you should surely remember are:
- Entry of any new firm is strictly not allowed in monopoly market
- The sole purpose of each firm is to earn maximum profits
These two assumptions are considered important in taking monopolistic output decision.
A number of goods which has to be produced by the firm in monopoly market totally depends on the demand of that particular good in the market. As there is only single firm present in monopoly market that is why the demand curve of the market can be taken as demand curve of the firm.
Accordingly, the firms can decide about the output they should produce to maximize their profits. Check for the Monopolist’s Output Decision assignment help online for detailed information.
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