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April 21, 2014

Homework Help: Economics

Posted by Helen on Saturday, June 25, 2011 at 10:50am.

Assume that there is a perfect competition market for a good X. If one supplier all of a sudden wins the lottery and buys all the other firms that make good X and turns this market into a monopoly. Describe to me the difference in price and total output for good X between the perfect competition model and its new monopoly structure model.

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