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Question 1:

Question 1:

a) Illustrate and explain using diagrams how a single seller within the market can maintain an (a) inefficient allocation of resources;

(diagram + the explanation)

b) Are there any advantages to a single market seller and how do they compare to its perceived (b) disadvantages.

(identifying advantages + identifying disadvantages)

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The allocation of resource is et‘i'ieient at the point when the monopolist produce an
output 1n-‘hieh is equal to Q1. Because at this point the monopolist operate at the
lowest point on the...

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