In a monopoly the seller has all the market power what does


(a) In a monopoly, the seller has all the market power. What does that imply about the demand and supply curve that the monopolist faces?

(b) In perfect competition P(Q)=AR=MR. Under what circumstances will a monopolist also have a demand curve that overlaps the average revenue curve and the marginal revenue curve?

(c) Under monopsony, if MV=10, and the elasticity of supply is 2, what is the price the monopsonist pays?

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Business Economics: In a monopoly the seller has all the market power what does
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