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What is monopoly? Why a monopolist is referred as price maker? Using marginal principle, explain with help of graph, to maximize profit how price-output relationship is achieved by a monopolist.

Read the following to prepare for this week:

Survey of Economics, Chapter 7: Monopoly and Price Discrimination

Video:

MIT OpenCourseWare video lecture series, “Monopoly”

9.3 Test your Knowledge (Question):

Watch the following video(s), which you can access in the Weekly Media object or by clicking on the link(s) below: and answer the question. :

Q1 What is monopoly? Why a monopolist is referred as price maker? Using marginal principle, explain with help of graph, to maximize profit how price-output relationship is achieved by a monopolist.

9.4 Instructions

  • Answer the question in test your knowledge section.
  • Post your answer in the discussion board using the discussion link

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