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How does fr select its profit maximising output

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Question: Princess Kritika says Friday Restaurant FR is a monopoly. a. Write down the characteristics of a monopoly firm. b. Draw FR's monopoly diagram and show the quantity of meals produced (QM) and market price (PM). How does FR select its profit maximising output? Explain. c. Explain why FR's profit maximising is not efficient. Show the inefficiency on the diagram in part (b).

Reference no: EM133512455

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