Minnie's Mineral Springs, a single-price monopoly, faces the market demand schedule below.
Minnie's Mineral Springs, a single-price monopoly, faces the market demand schedule below.
Draw a point to show the quantity demanded when
1) the price is $10. Label it 1.
2) the price is $2. Label it 2.
Draw the market demand curve through these points and extend it to the x-axis. Label it D.
Draw a point to show marginal revenue when
1) the price falls from $10 to $8. Label it 3.
2) the price falls from $2 to 50. Label it 4.
Draw the marginal revenue curve through these points. Label it MR.
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Minnie's Mineral Springs, a single-price monopoly, faces the market demand schedule below.
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