if Nokia was a monopoly, use demand and supply curve to illustrate how Nokia market is...
if Nokia was a monopoly, use demand and supply curve to illustrate how Nokia market is like when Apple introduce to market?
Homework Answers
As we can see above that the firm, Nokia, in the long run, will operate at a point on the long - run average cost curve ( LAC ) at which the short - run average cost curve is tangent to it.
It therefore follows that for the monopolist to maximize profits in the long run, the following conditions must be fulfilled
MR=LMC=SMC
SAC=LAC
and P should be equal to or more than LAC.
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