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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

How does a monopolist’s quantity of output compare to the quantity of output that maximizes total surplus? How does this difference relate to the deadweight loss?

To determine
The reason why the monopolist’s output lesser than output that maximizes the total surplus.

Explanation

A monopolist’s output is lesser than the output that maximizes the total surplus. This is because the firms increase the output until the marginal cost equalizes the marginal revenue...

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