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1. Monopolies can sometimes find themselves in difficult financial situations that lead to losses. Suppose Mr. Burns' power company has a monopoly for providing electricity in Springfield. His costs of upkeep are so high that he is consistently losing money.
a.) Show this outcome in a completely labeled graph. Clearly identify all parts of your graph, including the best price and output for the firm as well as the losses.
Now, answer the following:
b.) What happens to the market output when Mr. Burns raises the price he charges?
c.) Will this stop his losses? Why or why not?
Without free trade, Diamonique has market power as a local producer. Once free trade is implemented in the local economy, Diamonique is no longer able to raise its prices above competitive levels.
Why do public goods demonstrate the limitations of a free market economy. they allow consumers to make all of the economic decisions or else.
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Suppose that the allocatively efficient output level in long-run equilibrium is 210 meals. Is the deadweight loss for this firm greater than or less than $60?
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Gross investment is the?
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Suppose that most of the city's consumption of a good is supplied by production within the city, and that most local production is sold to local consumers. We can conclude that this city is a geographic antitrust market for the good in question.
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