Suppose a patent makes you the only seller of a new cold remedy. Draw a graph for
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Suppose a patent makes you the only seller of a new cold remedy. Draw a graph for your monopoly, assuming it resembles a typical monopoly. Include the curves for demand, marginal revenue, marginal cost, and average total cost. Shade and label the areas that represent profit and deadweight loss. Label the profit-maximizing price and quantity as PM and QM.
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