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Economists Armen Alchian and Reuben Kessel have advanced the hypothesis that monopolists choose to satisfy more of their non-pecuniary aims than do perfect competitors. Consider the following aims: (a) exercising their preferences against certain minorities, (b) enjoying the good life with lush expense accounts for executives. What theoretical arguments could support this hypothesis? How might you test this hypothesis?
Problem on standard deviation
Changes in government spending and interest rates
Determine the profit-maximizing prices both firms will charge. In addition, calculate the price-cost margin for each firm and indicate which has more pricing power and why.
The questions posed are broad and open ended so be careful to allow yourself enough research and planning time.
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