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We all know that De Beers monopolised ownership of diamond mines worldwide, then restricted the quantity of diamonds supplied, thereby raising the price of diamonds
We all know that De Beers monopolised ownership of diamond mines worldwide, then restricted the quantity of diamonds supplied, thereby raising the price of diamonds relative to average cost of extraction/production. However, how you would represent the effects of De Beers' behaviour with the help of the following profit-maximising monopoly graph.
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