In​ 2015, Apple introduced the Apple Watch. Assume that the cost of producing the 38mm Apple Watch Sport was ​$83. The price was ​$336. What was​ Apple's price/marginal cost​ ratio? What was its Lerner​ Index? If Apple is a​ short-run profit-maximizing​ monopoly, what elasticity of demand did Apple believe it​ faced? Part 2 ​Apple's price/marginal cost ratio was

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Monopoly Market

When a company and its products dominate a sector or an industry, it is termed a monopoly. When a firm and its products control a market, then it is called a monopoly.