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Suppose which in a city there are 100 identical self-service gasoline stations selling the same type

Suppose which in a city there are 100 identical self-service gasoline stations selling the same type of gasoline.

The total daily market demand function for gasoline in the market is QD=60,000-25,000P, where P is expressed in dollars per gallon.
The daily market supply curve is QS=25,000P for P$0.60.

1) How many gasoline stations would the monopolist operate?

2) Can we say which the monopoly leads to a less efficient use of resources than perfect competition? Illustrate what is the amount of the deadweight loss, if any?

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M917378

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