Widgets are sold competitively. One day, a monopolist takes over the entire widget industry and starts charging

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Widgets are sold competitively. One day, a monopolist takes over the entire widget industry and starts charging a monopoly price. However, widget consumers are required by law to continue buying the same number of widgets they bought under competition. Illustrate the new consumer surplus, the new producer surplus, and the deadweight loss.
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Price Theory and Applications

ISBN: 978-1285423524

9th edition

Authors: Steven Landsburg

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