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1. Suppose the inverse demand for steel is = 150 0.5. The marginal private cost of production is = 50 0.5 and the marginal social

1. Suppose the inverse demand for steel is = 150 0.5. The marginal private cost of production is = 50 0.5 and the marginal social cost of production is = 50 1.5. Will social welfare be greater under perfect competition or under monopoly? Calculate the associated dead-weight loss for each to back your

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