When there are fewer competitors so that market we called that oligopoly.
The information with respect to the oligopoly is as follows:
- In this, there are a few firms that are independent for pricing.
- Due to this, they have sufficient some kind of market power.
- Also, the pricing and production decisions should be impacted.
Therefore we can conclude that when there are fewer competitors so that market we called that oligopoly.
Learn more about the market here: brainly.com/question/13414268
Answer and Explanation:
In the absence of sufficient information about the expenses and other factors, which related to money, we have to consider market price as the value of shrimp.
The value of Shrimp is $10,700 per ton because, In this scenario, we have only market rate to consider the value of shrimp.
Therefore $10,700 is the price of 1-ton shrimp.
Answer: The correct answer is "c. marginal revenue will be positive but declining.".
Explanation: If a pure monopolist is operating in a range of output where demand is elastic: marginal revenue will be positive but declining.
To the extent that the monopolist's demand has a negative slope, the marginal income is always below it. And this is so because to sell more the monopolist has to lower the price, and this reduction in the price affects all the units that will sell.
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