In Perfect Competition P = MR, but in Monopoly P

question 10

Essay

In perfect competition P = MR, but in monopoly P > MR.Why? Substantiate this statement with an example.

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Definitions:

Flexible Work Hours

An employment arrangement that allows employees to choose their work hours within certain limits, promoting work-life balance.

Seasonal Workforce

Seasonal workforce refers to employees hired on a temporary basis to accommodate the fluctuating demand for products or services at certain times of the year.

Off Season

Off Season denotes a time period during which demand for a product or service is lower than usual, often leading to decreased prices and promotions.

Peak Seasons

Periods of the year when demand for goods or services is significantly higher than usual, often due to holidays or seasonal changes.