1. Analyse in detail the profit-maximising condition for a monopolist, indicating the role of the own-price elasticity of demand in your analysis.
2. In what sense is a monopoly “inefficient”?
3. Can duopolists involved in quantity competition do better by colluding rather than playing non-cooperatively?
4. Provide an example of a simultaneous play game where the Nash equilibrium would be inefficient, and explain why this happens.