1 year ago
Microeconomics

Monopoly – Market with only one seller.

Monopsony – Market with only one buyer.

Market power – Ability of a seller or buyer to affect the price of a good.

Marginal revenue – Change in revenue resulting from a one-unit increase in output.

           D

          1/ E¿

P =       ¿

            1+¿

            MC

              ¿ 

MR =    ∆ R = ∆P×Q

             ΔQ      ΔQ

**A monopolistic market has no supply curve.

Bijay Satyal
Dec 1, 2021
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