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Face an inelastic demand

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Reference no: EM132639276

A monopoly would be expected to face an inelastic demand, as the product they sell has no direct substitutes. Yet, if the monopolist produces where MR=MC, MR must be positive, and demand must therefore be elastic.

Can you solve this conundrum? Please use a diagram to illustrate and fully explain your answer.

Reference no: EM132639276

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