MICROECONOMICS
MICROECONOMICS
11th Edition
ISBN: 9781266686764
Author: Colander
Publisher: MCG
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Chapter 14, Problem 3IP
To determine

The reason for selling something at a zero price by a firm.

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Assume Standard Oil owns all the refineries in the US. What would be the price it would charge for kerosene in the 1800s, if the demand for kerosene is P=100-5Q and its marginal cost is MC=20.
Suppose the local electrical company, a legal monopoly based on economies of scale, was split into four firms of equal size, with the idea that eliminating the monopoly would promote competitive pricing of electricity. What do you anticipate would happen to prices? Why? Use the editor to format your answer
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