Market Structures: Monopoly, Monopolistic Competition, and Externalities


Characteristics of Monopoly

  • Single seller
  • High barriers to entry
  • Market power to affect prices

Behavior of a Monopolist

  • Produces less output than a competitive firm
  • Charges a higher price than a competitive firm
  • Maximizes profit by setting MR = MC

Consequences of Monopoly

  • Deadweight loss
  • Higher prices for consumers
  • Reduced consumer choice

Monopolistic Competition

Characteristics of Monopolistic Competition

  • Many sellers
  • Differentiated products
  • Low barriers to entry

Behavior of a Monopolistically Competitive

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Supermarket Shopping Strategies: Save Money and Shop Smart

Shopping at the supermarket are, frankly, inevitable. Is that we will find the best prices and a wider range than we could find in the shops in the neighborhood, but there is a big problem with the visits to the supermarket: we spend more, and we realize only after we have returned home .
To avoid making excessive spending at the supermarket and save, podernos do the following:
First, we go through the house, cupboards, cabinets and cleaning every corner, and we scored what is still needed. In

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Specialized Social Services: A Deep Dive

Specialized Social Services

4. Typology of Specialized Social Services

With the establishment of the social state of law, the constitution allows for the progressive realization of the institutional welfare state and asserts an extended warranty policy for all sectors of society. Law 57/1997, Social Services, replaces and supersedes Law 5/1989. This Act structures SS at two levels of intervention: SSG and SSE. In order April 9, 1990, different specialized social service centers were developed, and

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Ethical Frameworks and Global Business Practices

  • The CEO of Gulf Italia could probably justify paying a bribe to Italian government officials if he embraced a ____ ethical framework.


  • When a company creates a _____ in a foreign country, it makes a direct investment to establish a business that it solely owns and controls there

wholly owned subsidiary

  • Which of the following is NOT true about Whole Foods?

Workers are encouraged to form unions

  • According to the ______,
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A Comprehensive Guide to Business Administration Concepts and Theories



  • Organic: Basic survival, physiological needs, social security (derived from the social nature of man), the need for affiliation.
  • Psychological (i.e., ego): Estimates, power, achievement, competence, and self-realization.


Needs are arranged in a pyramid:

  1. Physiological
  2. Security
  3. Affiliate
  4. Self-esteem

This theory says that power correlates with and can motivate the degree of individual psychological development.


This theory states

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International Trade: A Comprehensive Guide to Global Commerce

WORLD TRADE ORGANIZATION History Originally set up in 1947 as the GATT (general agreement on Tariffs and Trade) → replaced by WTO in 1995 Currently there are 164 member countries and 23 observers General Agreement on Tariffs and Trade GATT: a multilateral trade agreement aimed at abolishing quotas and reducing tariffs among member countries. → established after WWII to promote world trade → was supposed to be an interim agency for a specialized agency of the UN called the International Organization

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