1.2.5 The following diagram illustrates the demand curve facing a monopoly in an industry with no economies...
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1.2.5 The following diagram illustrates the demand curve facing a monopoly in an industry with no economies or diseconomies of scale and no fixed costs. In the short and long run, MC = ATC. Copy the diagram and indicate the following:
a. Optimal output
b. Optimal price
c. Total revenue
d. Total cost
e. Total monopoly profits
f. Total “excess burden” or “welfare costs” of the monopoly (briefly explain)
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Related Book For 
Principles Of Economics
ISBN: 9780802845610
12 Global Edition
Authors: Karl E. Case, Ray C. Fair, Sharon E. Oster
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