Show how a monopoly firm (industry)
behaves in short run (using any practical example: emphasize on...

Question

Show how a monopoly firm (industry)
 behaves in short run (using any practical example: emphasize on output,
 price and average cost).

David · Accepted Answer

Show how a monopoly firm (industry) behaves in short run (using any practical example: 
emphasize on output, price and average cost). 
Answer: 
Monopoly firm is the only firm in the market and therefore it has full control over the price of 
good it produces. So the monopolist looks to choose that output-price combination that would 
maximize its profit.

Show how a monopoly firm (industry) behaves in short run (using any practical example: emphasize on output, price and average cost).

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