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- Continuing with our analysis of a positive externality, in this question, we want to determine what would happen if the market was served by a monopolist. Suppose someone acquired all the firms in this industry. This new monopolist would have the exact same MC curve (the sum of the MC of the various competitive firms it acquired, also shown as S0) as shown in the introduction to Questions 5 through 7. The downward sloping demand curve would be the same as D0 (marginal private benefit curve), which does not take into account the positive externality of this good. Would the monopolist’s profit maximizing output be higher, lower, or the same as that of the competitive market? Explain your answer (no graph required). In this monopoly scenario, would the socially optimal output be higher, lower, or the same as the socially optimal output you identified for the competitive market with positive externalities in Question 6? Explain your answer (no graph required). In this monopoly scenario,…What are the similarities and differences in the process for firms obtaining a social licence to operate, as opposed to a legal license?Explain natural monopoly in case of public production of private goods.
- 15. Talk about the two fundamental hypothetical perspectives on the beginnings of human forceful conduct.The proposition that problems of externalities will be resolved efficiently through private exchange is known as Property rights Pollution abatement Coase theorem Tort lawPublic goods area. efficiently provided by market forces.b. underprovided in the absence of government.c. overused in the absence of government.d. a type of natural monopoly.
- The graph depicts market conditions for an unregulated, profit-maximizing monopolist that is unable to price discriminate. Assuming the market demand function is equivalent to marginal benefit, the socially efficient level of output in this market is 1000 units of output; deadweight loss is approximiately equal to $________ (since the MC function is not a straight line and deadweight loss is measured as the area of a triangle, it is an appoximation).Define and explain the Coase Theorem.Assuming that the firm is the only producer in a market, the social cost of the output decision of a profit-maximizing monopoly firm. Can you discuss the concept of social cost in terms of the output decision of the monopoly firm? Thank you!
- Consider a market in which a firm has monopoly power. Suppose in addition that the firm produces under the presence of either a positive or a negative externality. Does the externality necessarily lead to a greater misallocation of resources? Answer should be in own words.Consider the following version of the Hotelling location model. There are two vendors - A and B - selling softdrinks. The two firms simultaneously choose to locate anywhere along a street that is 1 unit in length (the street runs from 0 to 1). Their production costs are zero and the price for softdrink is set by the government at p. Consumers are located uniformly along the street. Each consumer always buys 1 unit of the product, but incurs a cost from travelling to the vendor, so that they buy from the closest vendor. In the Nash equilibrium of the game, • None of the other answers are correct. • A locates at 1/3 and B chooses to locate at 2/3 (or vice versa). • A and B locate in different corners. • Both A and B locate in the middle of the street. • A locates at 0.25 and B chooses to locate at 0.75 (or vice versa).Define externality .