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Problem: Single-Price Monopoly: Consider a single-price monopolist (i.e. the monopolist cannot price discriminate) facing the following market demand curve: P = 120 - Q. The monopolist has constant marginal cost of $20 and zero fixed cost.
Required:
Question 1: Determine the monopolist's profit maximizing quantity, denoted QM, and profitmaximizing price, denoted PM.
Question 2: Determine the quantity and price that would result in the market if this instead were a competitive market, denoted QC and PC, respectively.
Question 3: Draw a picture of the market demand and marginal cost curves. Label the intercepts of the two curves, the monopoly outcome, and the competitive outcome. Determine the deadweight loss resulting from market power.
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