Problem
A firm is a monopoly in the output market and a monopsony in the input market. Its only input is the finished good, which it buys from a competitive market with an upward-sloping supply curve. The firm sells the same good to competitive buyers in the output market. Determine its profit-maximizing output. What price does it charge in the output market? What price does it pay to its suppliers?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.