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In a competitive market, total exchange surplus (i.e., consumer surplus + producer surplus) is maximized unless there is a market failure. Monopoly is a market failure that antitrust policy is designed to remedy. a. Draw a demand and supply curve for perfect competition. On the graph, indicate consumer surplus and producer surplus. b. Draw a demand and supply curve for a monopolist. On the graph, label consumer surplus, producer surplus and deadweight loss. c. Briefly explain why monopoly is considered socially harmful.
Sagot :
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