MICROECONOMICS (LL)-W/ACCESS >CUSTOM<
MICROECONOMICS (LL)-W/ACCESS >CUSTOM<
11th Edition
ISBN: 9781264207718
Author: Colander
Publisher: MCG CUSTOM
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Chapter 15, Problem 15QE

(a)

To determine

The reason for the regulation to have the effect it did.

(b)

To determine

The contestable market view of the competitive process.

(c)

To determine

The cartel view of the competitive process.

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(a) What is a monopoly, and why is it inefficient in relation to a competitive market?
Please refer to th graph attached. The graph shows the Demand, Marginal Revenue, Average Total Cost, Average variable Costs and Marginal Cost curves for a monopolist. (a) What is the profit maximizing/ loss minimizing quantity of output and what is the maximum price the monopolist can charge? (b) Is this monopolist making economic profit or economic loss? How do you know? Explain please. (c) Calculate the firms profit or loss and show the economic profit/loss on the graph.
i A monopoly can be identified by a few traits that distinguish it from other market systems. Identify the reasons a monopoly firm sets prices in microeconomics. ii. Monopolistic opponents said that the monopoly power would have a negative social impact. Tell us why. iii Describe THREE (3) qualities or conditions of the perfectly Competitive market structure. A perfectly competitive market has the opposite characteristics or conditions from a monopolistic market.
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