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Assume that a pure monopolist and a purely competitive firm have the same unit costs. Contrast the two with respect to (a) price, (b) out-put, (c) profits,(d) allocation of resources, and (e)impact on the distribution of income. Since both monopolists and competitive firms follow the MC=MR rule in maximizing profits, how do you account for the different results? Why might the costs of a purely competitive firm and those of a monopolist be different? What are the complications of a cost difference?

Microeconomics, Economics

  • Category:- Microeconomics
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