MARKET STRUCTURE AND SOCIAL WELFARE
In The Pascal sense if a policy change makes at least one individual better without making anyone rose off II is said to maxi miss social welfare Let. us see how this social optimum can be attained under different market structures In this connection we shall examine the possibility of attaining maximum social welfare under perfect competition. the monopoly the monopolist competition and oligopoly.
gnomic growth of the country. This was specially underlined by by Schumpeter who thought that the entrepreneur played a key rule in economic development. Even earl Marx had emphasized the fact that in trying to widen the profit margin by adopting new technology and improved methods of production the entrepreneur in act makes an important contribution to economic growth.
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