Suppose only one professor teaches economics at your university. Would you say that this professor is...

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Suppose only one professor teaches economics at your university. Would you say that this professor is a monopolist who can exact any price from students in the form of readings assigned, tests given, and material covered? Suppose now that two additional professors have been hired. Has the original professor s market power been decreased? What if the three professors form a cartel agreeing on common reading lists, workloads, and the like? Suppose only one professor teaches economics at your university. Would you say that this professor is a monopolist who can exact any price from students in the form of readings assigned, tests given, and material covered? Suppose now that two additional professors have been hired. Has the original professor s market power been decreased? What if the three professors form a cartel agreeing on common reading lists, workloads, and the like?

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When only one professor teaches economics at the university they can be considered a monopolist in t... View the full answer