Price and costs (cents per bottle) 100 80 60 40 20 0 20 MC **** P= 70 cents per bottle Q-30 thousands of bottles per day don MR D 40 60 80 100 120 Quantity (thousands of bottles per day) The above figure represents a perfectly competitive industry that is taken over by a single firm and operated as a monopoly. a) What was the competitive price and quantity? P= 50 cents per bottle Q-50 thousands of bottles per day b) What is the monopoly price and quantity?

Price and costs (cents per bottle) 100 80 60 40 20 0 20 MC **** P= 70 cents per bottle Q-30 thousands of bottles per day don MR D 40 60 80 100 120 Quantity (thousands of bottles per day) The above figure represents a perfectly competitive industry that is taken over by a single firm and operated as a monopoly. a) What was the competitive price and quantity? P= 50 cents per bottle Q-50 thousands of bottles per day b) What is the monopoly price and quantity?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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