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Explain how you know when a
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- explain what happens to a monopoly firm operating in the long-run.Graph and discuss a comparison of the short-run and long-run profits, price, quantity, MR and MC of a Monopoly and a PC firm. Which type of firm is more efficient and why?what is the similarities between perfect competition and monopoly?
- What are the economic benefits of perfect competition compared to a monopoly?Write down the differences between Monopoly and Perfect Competition?In the attached graph is a depiction of a monopoly. At what output should he or she produce? What price should they charge for the product? Is the firm making profits or losses?
- Making use of a diagram, explain when a monopoly corporation maximises its profit.If you lived in a small rural community in Montana, which of the following is most likely to be a monopoly ? A. an appliance store B. a grocery store C. a dentists office D. An electricity providerWhat defines monopoly? Explain in 200 words
