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Title: ??With reference to an existing case, or cases, critically appraises the view that monopolies are always detrimental to consumer and social welfare.?¦

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Subject: Business
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Date: September 12, 2006
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Length: 5 / 1394
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In figure 1, MR is the marginal revenue which is the price of the last unit sold; minus the loss of revenue incurred of those units it could have otherwise sold at a higher price (Sloman, 2005).AR is the average revenue curve. Both the average and the marginal revenue are downwards sloping as in a competitive firm...

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Both the average and the marginal revenue are downwards sloping as in a competitive firm. It should be noted that AR=P, thus price to quantity is same as the average revenue to quantity. MC=AR where the profit is at the maximum, at an output of Qm (Sloman, 2005)...

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