Question

Describe an important difference in the way an economist and a businessperson might view a monopoly.

Answer 1

Competitive IndustriesRelative to managers in more monopolistic industries, are managers in more competitive industries more likely to spend their time on reducing costs or on pricing strategies?oManagers are more likely to focus on pricing strategies.


Second they will focus on reducing costs to compete with new entrants after the monopolization.9-6 Economics versus BusinessSG.