The following article will guide you about how are prices determined under imperfect competition. Price Determination under Oligopoly: In an oligopoly situation there are only a few firms and the size of each firm is so large that a single firm can influence considerably the market supply and price. However, an oligopolist cannot determine the output and price independently. He [...]
The following article will guide you about how are factor prices determined under imperfect competition. The Marginal productivity theory of Distribution, as explained by J. B. Clark and others, is applicable to the determination of factor prices under perfect competition. But Mrs. Robinson has extended its application to all types of market situations. So, the theory, as modified by them [...]
In this article we will discuss about the concept of monopolistic exploitation of labour. Famous English economist, Joan Robinson (1903-1983) has said that, if a factor of production is paid a price which is less than the value of its marginal product (VMP), then we should say that the factor is exploited by its employer. Thus, if labour is paid [...]