EC120 Study Guide - Final Guide: Monopolistic Competition, Marginal Revenue Productivity Theory Of Wages, Monopoly Profit

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EC120 Full Course Notes
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At these times, electric companies sometimes ask people to voluntarily cut back on their use of electricity. He chooses the price at which he sells his bicycles. He chooses the quantity of bicycles that he sells. Average revenue is the same as price for both competitive and monopoly firms. (iii) a. b. c. d. (i) only (iii) only (i) and (ii) (ii) and (iii) The profit-maximizing price charged for goods produced is . The intersection of the marginal revenue and marginal cost curves occurs where output is 10 units and marginal cost is . Average total cost for 10 units of output is : , , , , . Refer to the diagram below to answer the following questions. The deadweight loss caused by a profit-maximizing monopoly amounts to: , , , , . The monopolist has fixed costs of and has a constant marginal cost of per unit.

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