2. Consider a monopoly with the following demand and cost structure. Demand: P = 80 – 3Q. TC = 10 + 10Q + 0.5Q2 . a) What is the monopolist’s profit maximizing price and quantity? b) What is the DWL associated with this outcome, compared to the hypothetical perfectly competitive outcome? c) Is this firm a ‘natural monopoly’? Why or why not.

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Q: None

A: Approach to solving the question: Detailed explanation: Examples: Key references:

Monopoly Market

When a company and its products dominate a sector or an industry, it is termed a monopoly. When a firm and its products control a market, then it is called a monopoly.