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2 Jun 2018
Which of the following is NOT true for a monopoly?
A monopoly sometimes makes a positive profit in the long run.
A price ceiling on a monopoly is always desirable.
Price does not equal marginal cost unless price is regulated.
None of the above statements are true.
The demand curve for product X is given by QXd = 520 - 5PX.
a. Find the inverse demand curve.
PX = - QXd
b. How much consumer surplus do consumers receive when Px = $45?
$
c. How much consumer surplus do consumers receive when Px = $35?
$
d. In general, what happens to the level of consumer surplus as the price of a good falls?
Which of the following is NOT true for a monopoly?
| A monopoly sometimes makes a positive profit in the long run. | |
| A price ceiling on a monopoly is always desirable. | |
| Price does not equal marginal cost unless price is regulated. | |
| None of the above statements are true. The demand curve for product X is given by QXd = 520 - 5PX. |
Reid WolffLv2
4 Jun 2018
