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Question 3.3 Explain the long-run profit maximising position of a monopolist. Substantiate your answer by choosing and applying the ONE correct diagram below: Price LRMC

Question 3.3

Explain the long-run profit maximising position of a monopolist. Substantiate your answer by choosing and applying the ONE correct diagram below:

Price LRMC MC Zero Economic Profit LRATC PL P. ATC Economic profit DL=ARL MRL D=AR= P QL MR Quantity Quantity DIAGRAM A DIAGRAM B

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