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Understanding of how price effect contributes

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Reference no: EM131638616

The 2 following questions I am a little lost on and I desperately need some help. Thank you in advance.

  • Explain your understanding of how price effect contributes to the fact that, for a monopoly, marginal revenue is always less than the price.
  • Explain your understanding of how quantity effect contributes to the fact that, for a monopoly, marginal revenue is always less than the price.

Reference no: EM131638616

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