Today, there are group presentation on chapter 6 which is Theory of The
Firm and Market Structure. they presented about Monopoly. Monopoly is a
market structure characterized by a single seller, unique products, and
impossible entry into the market or business because there are barriers
to entry and exit. Fatin's group had also discussed on the types of
monopoly, Short-Run Profit maximisation, Long-Run equilibrium, Comparing
Perfect Competition and Monopoly and also Price discrimination. Other
than that, they had also discussed about the disadvantages and
advantages of monopoly. This sub-topic is quite challenging and u really
need to know the concept of drawing the graph and to relate the graph
with another graph. we spent our 1 hour and 50 minutes discussing on
this topic.
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