This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: A doctor sets up a private practice in small town where he faces no other competitors. In spite of ... (Read 88 times)

gbarreiro

  • Hero Member
  • *****
  • Posts: 566
on: Jun 29, 2018
A doctor sets up a private practice in small town where he faces no other competitors. In spite of his monopoly position why is he not guaranteed to make a profit?
 
  What will be an ideal response?

Question 2

What is a Lorenz curve?
 
  What will be an ideal response?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

kswal303

  • Sr. Member
  • ****
  • Posts: 316
Reply #1 on: Jun 29, 2018
Answer to Question 1

Not even monopolists are guaranteed to make a profit. If the demand is so weak that it won't even cover the doctor's average total cost it might be possible that he may never make a profit.

Answer to Question 2

A Lorenz curve is a widely used graph of the distribution of income, with cumulative percentage of families plotted along the horizontal axis and cumulative percentage of income plotted along the vertical axis.


gbarreiro

  • Member
  • Posts: 566
Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

ktidd

  • Member
  • Posts: 319
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

Each year in the United States, there are approximately six million pregnancies. This means that at any one time, about 4% of women in the United States are pregnant.

Did you know?

If you use artificial sweeteners, such as cyclamates, your eyes may be more sensitive to light. Other factors that will make your eyes more sensitive to light include use of antibiotics, oral contraceptives, hypertension medications, diuretics, and antidiabetic medications.

Did you know?

Looking at the sun may not only cause headache and distort your vision temporarily, but it can also cause permanent eye damage. Any exposure to sunlight adds to the cumulative effects of ultraviolet (UV) radiation on your eyes. UV exposure has been linked to eye disorders such as macular degeneration, solar retinitis, and corneal dystrophies.

Did you know?

Carbamazepine can interfere with the results of home pregnancy tests. If you are taking carbamazepine, do not try to test for pregnancy at home.

Did you know?

Approximately 15–25% of recognized pregnancies end in miscarriage. However, many miscarriages often occur before a woman even knows she is pregnant.

A complete cranium of Au. Afarensis from Hadar, Ethiopia, shows a prognathic face and a small brainc A complete cranium of Au. Afarensis from Hadar, Ethiopia, shows a prognathic face and a small brainc
Australopithecus sediba shares small brain size with other members of Australopithecus but also has Australopithecus sediba shares small brain size with other members of Australopithecus but also has
Ileal conduit. A segment of ileum is separated from the small intestine and formed into a tubular ... Ileal conduit. A segment of ileum is separated from the small intestine and formed into a tubular ...
Collage of Student Faces Collage of Student Faces
Three-dimensional models of the small and large subunits of ribosomes. Three-dimensional models of the small and large subunits of ribosomes.
Structure of the small intestine. Structure of the small intestine.
Video: Uterine (menstrual) cycle - phases

For a complete list of videos, visit our video library