Micro Economics For Today
Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Chapter 9, Problem 4SQP

(a)

To determine

Explain the reason for agreeing or disagreeing with the given statement.

(b)

To determine

Explain the reason for agreeing or disagreeing with the given statement.

(c)

To determine

Explain the reason for agreeing or disagreeing with the given statement.

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explain why you agree or disagree with the following statements: a. "all monopolies are created by the government" b "the monopolist charges the highest possible price" c. "the monopolist never take a loss"
1. Explain how a monopolist chooses the quantity of output to produce and the price to change. 2. Why is a monopolist's marginal revenue less than the price of its good? Can marginal revenue ever be negative? Explain. 3. Describe the ways policymakers can respond to the inefficiencies caused by monopolies. List a potential problem with each of these policy responses.
a. Draw the cost curves for a typical firm. Explain how a competitive firm chooses the level of output that maximizes profit. At that level of output, show on your graph the firm’s total revenue and total cost.  b. Draw the demand curve, marginal revenue curve, average total cost curve, and marginal-cost curve for a monopolist. Show the profit-maximizing level of output, the profit-maximizing price, and the amount of profit. c. Why the demand curve for a firm operating in monopolistic competition is more elastic compared to the firm operating as a monopoly. Kindly answer all the sub parts.
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