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1. Monopoly Market: (4 points) $ 10 6 4 10 25 30 MC ATC 60 a. What is the profit maximizing output and price

1. Monopoly Market: (4 points) $ 10 6 4 10 25 30 MC ATC 60 a. What is the profit maximizing output and price for this monopoly market? b. What is the monopoly profit? c. Why is the monopoly market considered a market failure? Be sure to carefully define your terms.

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