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QUESTION
Chester Farms, Inc., a monopoly producer of asthma medication , has constant average total cost equal to $9.
Chester Farms, Inc., a monopoly producer of asthma medication , has constant average total cost equal to $9. At its profit maximizing level of output, Chester Farms charges $19 for its product and earns $2,500 in profits. The loss in consumer surplus due to higher prices charged by the monpolist is $10,000. If the industry were a competitiveindustry, output would be:
