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A monopoly is facing the following inverse demand function: P = 120 - Q. The firm's total cost function is TC = 10 + 20Q

A monopoly is facing the following inverse demand function: P = 120 - Q. The firm's total cost function is TC = 10 + 20Q and its marginal cost is 20. Calculate the profit-maximizing price (uniform pricing), quantity, and profits. Sketch a diagram and explain whether or not this pricing strategy is economically efficient. Indicate and explain one pricing strategy this monopoly could use to increase its profits.

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