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What are the essential points to determine in monopoly?
Points essential to determine in monopoly:
a. The importance of monopoly, where a particular monopolist is the merely producer of a good
b. How a monopolist find out its profit-maximizing output and price
c. The dissimilarity between monopoly and perfect competition, and the consequences of which difference on society’s welfare
d. Problems posed through monopoly
e. What price discrimination is, and why this is so prevalent while producers have market power
I. A farmer – businessman is in a quandary as to what crop to plant in his land. He has the option to plant Crop A, Crop B, or Crop C. f the weather turns out to be good and the
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