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Homework answers / question archive / 1)What is meant by monopoly capitalism? 2)How does price elasticity affect the price-quantity combination and segment of the demand curve that the monopolist would prefer for price and output?
1)What is meant by monopoly capitalism?
2)How does price elasticity affect the price-quantity combination and segment of the demand curve that the monopolist would prefer for price and output?
1)Monopoly capitalism is the term used by the Marxian economist. The term refers to the period between the 1880s and continued after the Second World War. Marxist economists believed that monopoly capitalism is a stage in the evolution of capitalism where a monopoly exists in the market along with the fictional free market. In other words, it seems that free-market exist, but in reality, a monopoly exists in the market through large-scale stockbrokers and entrepreneurs.
2)please see the attached file for complete solution.
