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24-7. Consider the revenue and cost conditions for a monopolist that are depicted in the second figure. a. If price exceeds AVC, what is this

24-7.Consider the revenue and cost conditions for a monopolist that are depicted in the second figure.

  1. a.If price exceeds AVC, what is this producer's profit-maximizing (or loss-minimizing) output?
  2. b.What are the firm's economic profits (or losses)?

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