Question: (25 points) 1 Explain and show how a monopoly causes an inefficient allocation of resources when the competitive firm does not, even when both seek

(25 points) 1 Explain and show how a monopoly causes an inefficient allocation of resources when the competitive firm does not, even when both seek to maximize profits. Use a diagram with both the monopoly and perfect competion maximizing quantities and the price on the same graph

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