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Ray Of Light [21]
3 years ago
8

How is profit maximization in a monopolistic firm different from that of a pure competitor?

History
1 answer:
Pavel [41]3 years ago
7 0
The monopolist's profit maximizing level of output is found by equating its marginal revenue with its marginal cost, which is the same profit maximizing condition that a perfectly competitive firm uses to determine its equilibrium level of output. Indeed, the condition that marginal revenue equal marginal cost is used to determine the profit maximizing level of output of every firm, regardless of the market structure in which the firm is operating.
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<h3>Comparison Henry Luce’s and Vice President Henry Wallace’s visions of America’s role in the postwar world.</h3>

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Both Henry Luce and Vice President Henry Wallace were internationalists who worked on establishing new foreign policies for U.S. They both wanted to expand American democratic values and principles in the international platform.

Henry Luce in his editorial "The American Century" stressed on the need to end conflict and transform international relations through American principles. Similarly, Henry Wallace in his  speech in 1942 deliberately mentioned "Century of the Common Man" which emphasized on establishing a new world order where democratic principles will be cherished by every citizen of the world.

Both Henry Luce and Henry Wallace believed in self-determination and economic prosperity of every country. They advocated freedom from imperialism and other forms of foreign control. They derived the definition of freedom as a necessary element to prosperity because of the conflicts that they have witnessed through imperialism and colonialism.

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