Explain the concept of supply curve under monopoly?
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A monopoly firm has no well-defined supply curve. In other words, there is no unique supply curve for the monopolist derived from his MC curve. Under perfect competition, short run MC curve above the shut-down point is the supply curve which shows a unique relationship between price and quantity.
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Explanation:
A monopoly firm has no well-defined supply curve. In other words, there is no unique supply curve for the monopolist derived from his MC curve. Under perfect competition, short run MC curve above the shut-down point is the supply curve which shows a unique relationship between price and quantity.
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