What price and output will occur under pure monopoly

Reference no: EM13206509

Assume the industry demand for a product is P = 1,000 - 20Q. Assume that the marginal cost of product is $10 per unit. A. What price and output will occur under pure competition? What price and output will occur under pure monopoly (assume one price is charged to all customers)? B. Draw a graph that shows the lost gains from trade that result from having a monopoly.

Reference no: EM13206509

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