a. Draw the graph of a monopoly, showing demand, marginal revenue, and marginal cost. Show what happens
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a. Draw the graph of a monopoly, showing demand, marginal revenue, and marginal cost. Show what happens when the monopolist finds a way to lower marginal cost. Indicate on the graph the new equilibrium price and quantity.
b. Draw a graph of a perfectly competitive industry and show on it a decrease in costs. What happens to equilibrium price and quantity for this industry?
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a Some of the reduction in costs gets passed along in l...View the full answer
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