Please answer the following questions: 1) List the five characteristics of pure monopoly. 2) Describe the demand
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Question:
Please answer the following questions:
1) List the five characteristics of pure monopoly.
2) Describe the demand curve facing a pure monopoly and how it differs from that facing a firm in a purely competitive market.
3) Explain why the marginal revenue is equal to the price in pure competition but not in monopoly.
4) Use the chart to solve the following:
Calculate the Marginal Cost atQ100?
Calculate the Marginal Cost atQ200?
Calculate the Marginal Cost at Q 300?
Calculate the Average Total Cost atQ100?
Calculate the Average Total Cost at Q 200?
Calculate the Average Total Cost at Q 300?
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