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Departures from Perfect CompetitionThe graph shows the demand curve (D), marginal revenue curve (MR) ...

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Departures from Perfect CompetitionThe graph shows the demand curve (D), marginal revenue curve (MR) ...

Departures from Perfect Competition

The graph shows the demand curve (D), marginal revenue curve (MR) and marginal cost curve (MC) for a perfectly competitive industry. In the short run and long run, marginal cost equals average total cost (ATC).

Assume that P1=$7.75, P2=$11.75, P3=$16.25, Q1=1200, Q2=2200, Q3=2950, and Q4=4400. Suppose you buy all the firms in the industry and combine them to form a single-firm monopoly that is protected from entry by patent. The price of the good ________ (increases/decreases) by ________. The quantity of the good ________ (increases/decreases) by

.

▸ decreases, $4.00, decreases, 1750

▸ increases, $4.00, decreases, 1750

▸ increases, $11.75, increases, 1200

▸ decreases, $11.75, increases, 1200

Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

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