02 May Question: A. Draw a diagram illustrating the profit maximizing output for the monopolist with abnormal prof…
a. Draw a diagram illustrating the profit maximizing output for the monopolist with abnormal profit. The
diagram should contain short-run average cost, average variable cost, short-run marginal cost, and marginal
revenue curves and shade area that represents abnormal profit. Make your diagram large and label all curves,
axes, and points.
b. Why, in the case of a monopolist, is marginal revenue at any output less than output price?
c. Why doesn’t the abnormal profit of a monopolist, unlike that of the perfect competitor, reduce to zero in
the long run?
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