Answer:
the same quantity of output as a perfectly competitive market. If anything is wrong let me know since I'm new to answering questions
Explanation:
If a legal monopoly owns the exclusive rights to a good for 20 years, it has a patent for that good.
What do you mean by monopoly?
Monopoly translates to "alone to sell." When there is only one vendor of a given commodity, there is little to no intense rivalry from other sellers. We'll examine the characteristics of a monopoly market in this post.
What do u understand by patent?
An innovator receives a property right known as a patent from a government body. In exchange for full disclosure of the innovation and for a set amount of time, a patent grants the creator exclusive rights to the patented process, design, or invention.
Learn more from monopolies: brainly.com/question/13113415
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Answer:
False.
Explanation:
If Dmitri's Fire Engines were competitive firm instead of $100,000 were the market price for an engine, decreasing its price from $100,000 to $50,000 would result in a decrease in production quantity, but increase in total revenue. The statement is false.
As either? did you finish it?
A command economy is one in which a centralized government controls the means of production. The government determines what is produced, how it is produced and how it is distributed. Private enterprise does not exist in a command economy. The government employs all workers and unilaterally determines their wages and job duties. There are advantages and disadvantages of command economy structures. Command economy advantages include low levels of inequality and unemployment and the common good replacing profit as the primary incentive of production. Command economy disadvantages include lack of competition and lack of efficiency.
Because the government controls the means of production in a command economy, it determines who works where and for how much pay. This power structure contrasts sharply with a free market economy, in which private companies control the means of production and hire workers based on business needs, paying them wages set by invisible market forces. In a free market economy, the law of supply and demand dictates that workers who have unique skills in high-demand fields receive high wages for their services, while low-skill individuals in fields that are saturated with workers settle for meager wages, if they can find work at all.
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Read more: What are the advantages and disadvantages of a command economy? | Investopedia http://www.investopedia.com/ask/answers/032515/what-are-advantages-and-disadvantages-command-economy...
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