$70 $60 $50 $40 $30 $20 LRATC = LRMC $10 Demand = P MR $0 50 100 150 200 250 Output (Q) The diagram above shows the demand and cost curves for a market that could either be a monopoly or perfectly competitive in Long- Run Equilibrium. If the market above were a monopoly, the monopolist would earn in Total Profit (Producer Surplus) in the Long-Run.

$70 $60 $50 $40 $30 $20 LRATC = LRMC $10 Demand = P MR $0 50 100 150 200 250 Output (Q) The diagram above shows the demand and cost curves for a market that could either be a monopoly or perfectly competitive in Long- Run Equilibrium. If the market above were a monopoly, the monopolist would earn in Total Profit (Producer Surplus) in the Long-Run.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter11: Monopoly And Antitrust Policy

Section: Chapter Questions

Problem 26RQ: Why does regulatory capture reduce the persuasiveness of the case for regulating industries for the...

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