Question

Output Curves (perfect competition, monopoly, monopolistic competition)

Give your reaction to how these output curves work, especially the variable cost factors. Did you expect this? Is this how companies' profit and loss statements work? How could this apply to your own business? 100 word minimum

Answer 1

Ans 11. Output curves of perfect competition, monopoly, monopolistic competition means to show the productivity of the goods and services in these markets.
Perfect competition is that market situation where a large number of buyers and sellers are existing and therefore the output is very large.
Monopoly is a market where only one seller is existing therefore the output is Less.
Monopolistic competition means a market situation where a large number of buyers and sellers are existing and therefore the output is also very large.
The output curves are directly related to the variable cost factors means if output increases then variable cost also increases.
Us profit and loss statements work in this company's profit situation and determination of this output curve are very helpful in the estimation of future business strategies and the planning of the business.