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Industry demand for a good is given by: P = 60 - .5Q. The industry's long-run cost is $10 per unit: LAC = LMC = $10.

a. A monopolist controls the industry. Find its output and price.

b. Instead, suppose that the same industry is perfectly competitive. Find the long-run equilibrium price and output. Comment on the differences between the monopoly and competitive results.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M940385

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