To What Extent Did Each of the Following Play in the Development

question 29

Essay

To what extent did each of the following play in the development of industrialization of the American economy: technology,immigration,investment,government aid,and internal improvements.

Distinguish the characteristic features of a pure monopolist's demand curve.

Calculate the profit-maximizing level of output and price for a monopolist using demand and cost data.

Explain the conditions under which a monopolist will realize economic profits or losses.

Compare the profit maximization conditions between a pure monopolist and pure competition.

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Definitions:

Taxes

Mandatory contributions to state revenue, levied by the government on workers' income, business profits, or added to the cost of some goods, services, and transactions.

National Income

The total amount of money earned within a country from production and services over a specific time period.

Opportunity Cost

Dismissing potential benefits from other possible choices by focusing on one.

Scarce Resources

Natural or human resources that are limited in supply and cannot fulfill all wants and needs due to their finite availability.