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QUESTION
Draw a graph that shows a monopoly firm making economic profit in the short run. Be sure your diagram includes the monopolist's demand, marginal...
- Draw a graph that shows a monopoly firm making economic profit in the short run. Be sure your diagram includes the monopolist's demand, marginal revenue, average total cost, and marginal cost curves. Be sure to indicate the profit maximizing output and price. Are these profits sustainable in the long run?
