1. Why is the profit-maximising
price under monopoly greater than marginal cost? In what way can this be seen
2. On three diagrams like
illustrate the effect on price, quantity and profit of each of the following: (a)
a rise in demand; (b) a rise in fixed costs; (c) a rise in variable costs. In
each case, show only the AR , MR , AC and MC curves.
3. Think of three examples of
monopolies (local or national) and consider how contestable their markets are.
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