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1. The diagram below represents a Monopoly firm in equilibrium. Monopoly Price 1 2 AR 3 Quantity (a) Copy the above diagram into your answer

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1. The diagram below represents a Monopoly firm in equilibrium. Monopoly Price 1 2 AR 3 Quantity (a) Copy the above diagram into your answer book. Clearly label each of the lines numbered I to 3. The above firm produces Qi. Show on your diagram: the price the firm will charge for Q. (use label PI) the average cost of producing this output. (use label C.)

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