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j1.Suppose a single firm faced the following demand and cost curves (next page). [GREEN labels axes and curves, BLUE labels points] [10 marks] a.The monopolist
j1.Suppose a single firm faced the following demand and cost curves (next page). [GREEN labels axes and curves, BLUE labels points] [10 marks]
a.The monopolist would produce at point ______________
b.The monopolist would price their product at point ____________
c.The monopolist would earn profit of (use the points on the graph to describe the area) _________
d.The market has a consumer surplus of (use the points on the graph to describe the area) _________
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