Asked by ryan

"Deciding on which price to charge is more difficult under less than perfectly competitive conditions (i.e., monopoly) than it is under perfectly competitive conditions." Discuss

Answers

Answered by economyst
Take a shot, what do you think?
Hint: What information does the firm in the perfect competitive market need to determine it's profit maximizing price? Compare that to the information needed to determine the optimum price in a monopoly.
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