File:MonopolyToCompetitive-Transformation-Wiki.jpg
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English: If a Firm may have a Monopoly (no Competition) in an industry, it can control the Supply for the entire Industry in order to ensure a high Price and a Maximum Monopoly Profit. However, when Competition (in the form of other Firms) enters into the Market, the Competition for Customers forces all firms to both lower the Price they ask for the Product. They don't produce beyond the point the Market Price pays for the Cost of the last unit they produce. |
| Source | Own work |
| Author | Mgmwki |
| Permission (Reusing this file) |
This is considered "General Knowledge" amongst all Economists - In Economics Classes in College. |
| Other versions | You can Find this in various forms in any Micro Economics Text Book, Journal Article. |
From Various Micro Economics Classes - "General Knowledge" in Economics show in every beginning level Micro Class.
You may Find various representations of the same thing in various Micro Economics Books. This includes both
Graduate Level and Undergraduate Level books, as well as some very popular books like the 'Economics for Dummies'
book(s). See Example in: Bradley R. chiller, "Essentials of Economics", New York: McGraw-Hill, Inc.,
1991.
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I, the copyright holder of this work, release this work into the public domain. This applies worldwide. In some countries this may not be legally possible; if so: I grant anyone the right to use this work for any purpose, without any conditions, unless such conditions are required by law. |
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| current | 04:31, 2 February 2011 | | 1,719 × 670 (122 KB) | Mgmwki (talk | contribs) | {{Information |Description ={{en|1=If a Firm may have a Monopoly (no Competition) in an industry, it can control the Supply for the entire Industry in order to ensure a high Price and a Maximum Monopoly Profit. However, when Competition (in the form o |
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