Question.4715 - In the Week 1 Discussion (also known as a small business scenario), you develop a specific business good or service. You should use this specific good or service for all of the remaining weeks, please do not change your good or service.If you applied for and obtained a patent, copy right, or some form of monopoly protection for your good or service.Indicate what happens to the firm’s demand curve for your good or service.Describe how the monopoly price and quantity is different from the perfectly competitive price and quantity?Discuss the prospects for your small business in the long run.
Answer Below:
If x would xxxx applied xxx an xxxxxxxx a xxxxxx copy xxxxx or xxxx form xx monopoly xxxxxxxxxx to xx business xxxxx truck xx would xxxx impacted xxx business xxx demand xxxxx for xxx product xxxxx have xxxxxx less xxxxxxx This xx because xxxxxxxxx cannot xxxxxx find xxxxxxxxx or xxxxx substitutes xxxxxxxxxx the xxxxxx curve xx shift xxxxxxx right xxxx shift xxxxx us xxxx the xxxxx truck xxxxx sell xxxx at x high xxxxx without xxxxxx customers xxxxxxx this xxxxx depends xx how xxxxxx food xx offer xxxx regards xx monopoly x monopoly xxxx a xxxxxx price xxx produces x lower xxxxxxxx because xx controls xxx market xxx can xxxxx supply xx maximize xxxxxxx Whereas xx a xxxxxxxxx competitive xxxxxx many xxxxx sells xxx same xxxxxxx so xxx price xx lower xxx the xxxxxxxx is xxxxxx as xxxxx can't xxxxxxx prices xxx just xxxx what xxx market xxxxx In xxx long xxx if xxxxx Truck xxxxxxx successful xx will xxxxxx attract xxxxxxxxxxx who xxx the xxxxxxxxx in xxx food xxxxx industry xxxx could xxxxxxxx competition xx the xxxxxx ReferencesMankiw x Essential xx Economics xx ed xxxxxxx with xxxxxxx ISBN- xxxxxxxxxx between xxxxxxx Competition xxx Monopoly xxxxxxxx GeeksforGeeks xxxxx www xxxxxxxxxxxxx org xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxMore Articles From Microeconomics
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