Graphically show that a monopolist facing a market with a relatively inelastic demand curve will impose a higher markup than it will in a market with a relatively elastic demand curve. Explain this behavior using the "You can't take it with you" effect.

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The Answer of Graphically show that a monopolist facing a market with a relatively inelastic demand curve will impose a higher markup than it will in a market with a relatively elastic demand curve. Explain this behavior using the "You can't take it with you" effect.

Graphically Show That a Monopolist Facing a Market with a Relatively