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Final Review.docx

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ECO1104 Final Review YUJIE YI #7038840 Monopoly  One graph: the firm = the market (because of the sole seller)  In monopoly, we set quantity first. (While in the competitive market, we set the price first).  Then, go up the D curve to find the price.  ­ Monopolists are price takers.  ­ Monopolists are not guaranteed for their profits. (Canada Post is operating at losses)  To calculate the profits, Q* (P* ­ ATC*). In this case, it is positive. Unlike the case in  competition, this profit can persist indefinitely; therefore, no difference in the long run and  the short run, because barriers to entry exist.  All ot
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