Analyse in detail the profit-maximising condition for a monopolist, indicating the role of the own-price elasticity of
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Question:
- Analyse in detail the profit-maximising condition for a monopolist, indicating the role of the own-price elasticity of demand in your analysis.
- In what sense is a monopoly “inefficient”?
- Can duopolists involved in quantity competition do better by colluding rather than playing non-cooperatively?
- Provide an example of a simultaneous play game where the Nash equilibrium would be inefficient, and explain why this happens.
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