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Compare the competitive equilibrium to the monopoly

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Suppose the domestic demand for honey is Qd = 1600 - 2P (where quantity is measured in tons) and the domestic supply is Qs = -500 + P and there are many buyers and sellers such that the market is perfectly competitive.

a. If honey producers form a cooperative and form a monopoly, find the monopoly equilibrium price and quantity. Compare the competitive equilibrium to the monopoly equilibrium in terms of price quantity and welfare. What is the social loss due to monopoly?

Reference no: EM132332758

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