Economic Question
Need to answer the below questions with a min of 100word count.
1- What is the law of diminishing marginal productivity? How does the law of diminishing marginal productivity affect the cost of productions?
2 - When we reach the point where the law of diminishing marginal productivity sets in, does total production immediately begin to decrease or does total output continue to increase?
3 - What are the conditions for a perfectly competitive market? What are the conditions for a monopolistic market? What are the conditions for a monopolistic competitive market? What are the conditions for an oligopolistic market? How would you explain the differences among these market structures? Identify which market structure your organization competes in and why you think so.
4 - WHat is Oligopoly? How Oligopolistic firms' interdependence shape the firms' behavior and what problems it raises for public policy? Wat is the term game theory?
5 - What is monopolistic competition? GIve an example?