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2. Explain why it is not possible for a monopoly firm to maximise its profits by charging a price in the price region where demand

2. Explain why it is not possible for a monopoly firm to maximise its profits by charging a price in the price region where demand is inelastic, even though there are no direct substitutes for its product. Also explain how a monopoly will be able to charge a higher price than a firm producing the good under perfect, oligopolistic, or monopolistic competition [10 marks]

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