ge? Do you agree that a monopolist is not free to determine both price and quantity to be sold as per his whims and fancy
Answers
Unique products and services that quickly catch up with consumer preferences and demand, give rise to monopolies. Monopoly products and services are considered unique because, other organisations are unable to copy or even match them. Under such situations, the monopoly products and services command market price and quantities sold.
The Monopolies and Restrictive Trade Practices (MRTP) Act of 1969, was enacted to prevent organisations from monopolising the Indian market.
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To attain maximum profit or to be in equilibrium, MC must be equal to MR and it is as necessary condition or first-order condition (FOC) for equilibrium.
Slope of MC curve is greater than slope of MR curve and condition is called sufficient condition as well as second-order condition (SOC) for equilibrium.
two conditions are satisfied simultaneously with monopoly firm reach equilibrium with time period.