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A monopolist faces an inverse market demand P(Q) = 200 − (1/2)Q and a marginal cost of MC(Q) = 20 + Q.
(a) What is the unregulated monopolist’s optimal quantity?
(b) What would an appropriate regulatory instrument to bring this market back to efficiency?
(c) What would be the regulated quantity and price if this instrument were successfully implemented?
(d) What is the increase in welfare resulting from regulation?
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The period of time that starts from the year the first costs are incurred for each alternative and ends in the last year costs are incurred for that alternative is referred to as:
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In a market economy,
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