Suppose that many similar price-taking consumers (such as Denise in Chapter 10) have a single good (candy

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Suppose that many similar price-taking consumers (such as Denise in Chapter 10) have a single good (candy bars). Jane has a monopoly in wood, so she can set prices. Assume that no production is possible. Using an Edgeworth box, illustrate the monopoly optimum and show that it does not lie on the contract curve (that is, it isn’t Pareto efficient).

3. Taxes and Monopoly

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