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Identify the monopoly output and price, graph the monopolist's equilibrium.

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.

Suppose which now the market is monopolized (e.g., a cartel is formed which determines the price and output as a monopolist would and allocates production equally to each member. Draw a figure showing the monopolist's equilibrium output and price.

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M917384

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