78. Refer to the above diagrams. Diagram (A) represents: Show Get answer to your question and much more 79. Refer to the above diagrams. In diagram (B) the profit-maximizing quantity is:.... Get answer to your question and much more 80. Refer to the above diagrams. With the industry structure represented by diagram:A. (A) there will be only a normal profit in the long run, while in (B) an economic profit canpersist.B. (A) price exceeds marginal cost, resulting in allocative inefficiency.C. (B) price equals marginal cost, resulting in allocative efficiency.D. (B) equilibrium price and quantity will beeandh, respectively. 81. Refer to the above diagrams. With the industry structure represented by diagram: Get answer to your question and much more 78. Refer to the above diagrams. Diagram (A) represents: Get answer to your question and much more 79. Refer to the above diagrams. In diagram (B) the profit-maximizing quantity is:.... Get answer to your question and much more 80. Refer to the above diagrams. With the industry structure represented by diagram:A. (A) there will be only a normal profit in the long run, while in (B) an economic profit canpersist.B. (A) price exceeds marginal cost, resulting in allocative inefficiency.C. (B) price equals marginal cost, resulting in allocative efficiency.D. (B) equilibrium price and quantity will beeandh, respectively. 81. Refer to the above diagrams. With the industry structure represented by diagram: Get answer to your question and much more Recommended textbook solutions
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Principles of Economics7th EditionN. Gregory Mankiw 1,394 solutions What is the profitThe profit-maximizing choice for the monopoly will be to produce at the quantity where marginal revenue is equal to marginal cost: that is, MR = MC. If the monopoly produces a lower quantity, then MR > MC at those levels of output, and the firm can make higher profits by expanding output.
Why does a monopolist produce less than the socially efficient quantity of output?Because the monopolist sets marginal revenue equal to marginal cost to determine its output level, it will produce less than the socially efficient quantity of output. The price that a monopolist charges is also above marginal cost.
When a pure monopolist is producing its profit66. When a pure monopolist is producing its profit-maximizing output, price will: equal neither MC nor MR. 68.
Why is a pure monopoly economically inefficient?Answer and Explanation: Pure monopoly is considered an inefficient market because the market will charge higher prices and produce fewer outputs.
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The profit-maximizing output of a pure monopoly is not socially optimal because in equilibrium
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