How does a monopoly transfer consumer surplus to itself

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Reference no: EM13987068

1- Why can a monopoly make a positive economic profit even in the long-run?

2- Why does a single-price monopoly produce a smaller output and charge more than the price that would prevail if the market were perfectly competitive?

3- How does a monopoly transfer consumer surplus to itself?

4- Why is a single-price monopoly inefficient?

Reference no: EM13987068

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