Principles of Economics
Principles of Economics
7th Edition
ISBN: 9781305156043
Author: N. Gregory Mankiw
Publisher: Cengage Learning US
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Chapter 32.2, Problem 2QQ
To determine

The two different markets and two different prices determined by them.

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Because the monopolist is a single seller of a product with no close substitutes, can it obtain any price for its good that it wants? Why or why not?
Explain why price is greater than marginal revenue for a single-price monopolist and how this differs from perfect competition.
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