Monopoly - the meaning of monopoly - the Monopolist's Demand curve and the Marginal revenue
6 important questions on Monopoly - the meaning of monopoly - the Monopolist's Demand curve and the Marginal revenue
What is the demand curve of a monopolist? How does it slope?
it is downward sloping
What is the significance of the downward sloping curve?
How does the marginal revenue look in a monopolist graph?
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What are the two opposing effects that occur because of an increase in production by a monopolist? What do they mean?
A price effect, in order to sell the last unit the monopolist must cut the market price on all units sold, and decrease total revenue
Why is the marginal revenue below the demand curve?
meaning the monopolist has market power
What does the total revenue cruve look like? And what does it mean?
as output rises total revenue increases, meaning quantity effect is stronger what the price effect at low level of output. So price effect is small
as output rises more total revenue decreases, because at high level of output, the price effect is stringer than the quantity effect, and as the monopolist sells more it gets to lower price on many units of output, so price effect is very larger
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