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What is likely to occur in this market and why

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Reference no: EM132402634

Question 1

For a monopolist, draw the demand curve, MR curve, MC curve and identify the price charged by a monopolist, the price charged by a Perfect Competitor; in addition, in association with the prices, identify on your figure, the quantities the monopolist and a perfect competitor will offer for sale in the market. DRAW YOUR FIGURE TO SCALE.

Question 2

At its current level of production a profit-maximizing firm in a competitive market receives $12.50 for each unit it produces, and faces an average total cost of $10. At the market price of $12.50 per unit, the firm's marginal cost curve crosses the marginal revenue curve at an output level of 1000 units. What is the firm's current profit? What is likely to occur in this market and why?

Reference no: EM132402634

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