economics10

May 20th, 2015
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The production possibility curve shows the maximum output of anyone commodity that the economy can produce together with the prescribed quantities of other commodities produced and the resources utilized. In short, the production possibility curve tells us what assortment of goods and services the economy can produce with the resources and techniques at its disposal.

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ECONOMICS PROJECTEQUILIBRIUM UNDER MONOPOLYSUBMITTED TO: SUBMITTED BY:MS. MEENU SAIHJPAL Abhay Pratap Singh B.A. LLB (1ST SEM.) SECTION- B ROLL NO. 62ACKNOWLEDGEMENTI express my gratitude to Ms. Meenu Saihjpal for her help,guidance throughout the workfor thisproject without which I would not have been able to complete this project to such a success.I would also like to thank myclass mates who helped me directly or indirectly in accomplishing this work.Finally I would also like to thank other faculty members whoprovided me with moral support during the course of this project.CONTENTS1. INTRODUCTION2. FEATURES OF MONOPOLY3. SOURCES OF MONOPOLY POWER4. PRICE DETERMINATION UNDER SHORT-PERIOD OR SHORT-RUN EQULIBRIUM5. PRICE DETERMINATION UNDER LONG-PERIOD OR LONG-RUN EQUILIBRIUM INTRODUCTIONWhat is Monopoly ?The word monopoly has been derived from Greek word monos, meaning alone and polein meaning seller. By definition, monopoly is a market situation in which there is a single seller of a commodity of lasting distinction without close substitutes. A monopoly firm enjoys an absolute power to produce and sell a commodity.According to Koutsoyiannis, Monopoly is a market situation in which there is

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