Which type of market structure is more efficient

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Reference no: EM131095105

Suppose the demand curve for corn is QD =20−1/5P

Suppose that one firm owns the production of corn all over the world and has marginal cost of 10. Does the monopoly sell less output than would be sold in a competitive market with 72 equal-sized firms? Which type of market structure is more efficient (i.e. has less deadweight loss)?

Reference no: EM131095105

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