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Students are required to select any firm having characters of Monopoly. Discuss the basic characteristics of...

Students are required to select any firm having characters of Monopoly. Discuss the basic characteristics of monopoly and profit maximization condition. ( support with diagram)

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Answer #1

The basic characteristics of a monopoly include

1) There are high amount of barriers to entry which makes it impossible for other firms to enter.

2) There is only one firm in the industry.

3) Firms have power to control the price as they are price makes with which the optimal level is below the desired level when the marginal revenue is below the demand curve as shown in the figure.

4) There's absence of competiton which allows firms to gain profits and invest them in research and development purposes.

Profit maximization condition is when the marginal revneue equals marginal cost and the price is above marginal revenue as shown P* and Q*.

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