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a.What are the main characteristics of a perfectly competitive market that cause buyers and sellers to be price takers? Explain. (4 marks) b.A monopolist has

a.What are the main characteristics of a perfectly competitive market that cause buyers and sellers to be price takers? Explain.

(4 marks)

b.A monopolist has a constant marginal and average cost of RM10 and faces a demand curve of Qd = 1000 10P. Marginal revenue is given by MR = 100 - 1/5Q.

i.Calculate the monopolist profit maximizing quantity, price and profit.

(6 marks)

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