A monopolist is the single seller of a product or good for which there is no substitute

INSTRUCTIONS TO CANDIDATES

ANSWER ALL QUESTIONS

Q.1 A monopolist is the single seller of a product or good for which there is no substitute. To maintain a monopoly, there must be barriers to entry. Barriers to entry related to ownership of resources without close substitute is classed as barriers to entry. For the perfect competitor, price equals Check

revenue equals average revenue. For the monopolist,

◆ revenue is always less than price because price must be reduced on all units to sell more.

Q.2 The diagram below depicts the total cost and total revenue curves for a firm. If the firm chooses the profit maximizing level of output, it will earn a profit of $ per day.

Round your answer to 2 decimal places, if necessary. Do not enter the comma ",", or a dollar sign ($) while entering your answer.

Q.3 RCL Communications manufactures and sells a standard type of pager in a perfectly competitive market. This market consists of

1000 identical firms (including RCL). Using the graph below answer the following questions:

Attachments:

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