Role of public finance in developjng countries

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 https://youtu.be/14ieRUQzmpc

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Monopolistic Competition – definition, diagram and examples

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Definition:  Monopolistic competition is a market structure which combines elements of monopoly and competitive markets. Essentially a monopolistic competitive market is one with freedom of entry and exit, but firms can differentiate their products. Therefore, they have an inelastic demand curve and so they can set prices. However, because there is freedom of entry, supernormal profits will encourage more firms to enter the market leading to normal profits in the long term. A monopolistic competitive industry has the following features: Many firms. Freedom of entry and exit. Firms produce differentiated products. Firms have price inelastic demand; they are price makers because the good is highly differentiated Firms make normal profits in the long run but could make supernormal profits in the short term Firms are allocatively and productively inefficient. Diagram monopolistic competition short run In the short run, the diagram for monopolistic competition is the sa...
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Theory of Monoply.

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A  monopoly  is an industry in which there is one seller. Because it is the only seller, the monopolist faces a downward-sloping demand curve, the industry demand curve. The downward-sloping demand curve means that if the monopolist wants to sell more, it must lower its price. (We are assuming that price discrimination is not possible; that the firm can charge only one price.) Because the monopolist must lower price to sell more, the extra or marginal revenue it gets from selling another unit is less than the price it charges. Thus, its marginal revenue curve lies below its demand curve. In contrast, for a seller who is a price taker, demand is identical with marginal revenue. The table below illustrates the case of monopoly. Marginal cost is the value of the additional resources needed to produce another unit of output. The marginal benefit to consumers is the price that consumers are willing to pay for each unit. You should recognize this column as a demand curve. The ma...
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NASA 3D Animation Shows How Gravity Levels Differ Across Our Planet Earth

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