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Answer to Question #5473 in Microeconomics for Camilla
Question #5473
Is there a supply curve in a market where there is monopolistic power?
Expert's answer
Answer:
There is no supply curve in a market with supply power.
Explanation:
Monopolist is not a price-taking firm, so it has no supply curve, because the supply curve shows the quantity of output a firm produces for a given market
price. The monopolist does not take the price as given.
There is no supply curve in a market with supply power.
Explanation:
Monopolist is not a price-taking firm, so it has no supply curve, because the supply curve shows the quantity of output a firm produces for a given market
price. The monopolist does not take the price as given.
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