Use Figure Four on page 10 to answer (4). In the long run: a)what is the monopolist’s output? _______________________ b) what is the monopolist’s price? _________________________ c) is the monopolist technologically efficient? If so, why? If not, what is the monopolist’s technologically efficient output level?
Use Figure Four on page 10 to answer (4). In the long run: a)what is the monopolist’s output? _______________________ b) what is the monopolist’s price? _________________________ c) is the monopolist technologically efficient? If so, why? If not, what is the monopolist’s technologically efficient output level?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
(4) Use Figure Four on page 10 to answer (4). In the long run:
a)what is the monopolist’s output? _______________________
b) what is the monopolist’s
c) is the monopolist technologically efficient? If so, why? If not, what is the monopolist’s technologically efficient output level?
![$200
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FIGURE FOUR
Monopoly in the Longrun
Mỹmhung
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LRAC
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MR
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Q (millions)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa56f5148-ac69-440f-afc9-0f30fd0c715d%2Ffd9ff908-54c7-490f-918f-ff6f85fde0e3%2Fwnd47mi3_processed.png&w=3840&q=75)
Transcribed Image Text:$200
180
160
140
120.
100
80.
60
40
20.
10
50
100
150
FIGURE FOUR
Monopoly in the Longrun
Mỹmhung
200
250
LRMC
300
LRAC
350
MR
400
D
Q (millions)
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