Q.3 Briefly answer the following questions with the help of examples where necessary: a. Can a monopolist set the price whatever it wants to? b. Why does a perfectly competitive firm cannot control the price? c. How perfectly competitive firm is different from monopolistic competitive firm? d. Give 2 examples of product that approximates oligopoly in Pakistan?

Q.3 Briefly answer the following questions with the help of examples where necessary: a. Can a monopolist set the price whatever it wants to? b. Why does a perfectly competitive firm cannot control the price? c. How perfectly competitive firm is different from monopolistic competitive firm? d. Give 2 examples of product that approximates oligopoly in Pakistan?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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