You are the manager of a monopoly, and your demand and cost functions are given by: Q = 25 - 0.5P C(Q) = 50 + 2Q a. What is your profit-maximizing price and level of production? b. What are your firm’s maximum profits? c. How would LR profits, prices, and production levels differ if you were in a  monopolistically competitive market? Explain with words and a graph. d. If you are in a monopolistically competitive market, what might you do to prevent LR adjustments?

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Monopoly Market

When a company and its products dominate a sector or an industry, it is termed a monopoly. When a firm and its products control a market, then it is called a monopoly.