In the early 1900s,U.S.Steel acted as a dominant firm with over sixty percent (60%)of the market.Many,including the Supreme Court in 1920,viewed U.S.Steel as a "good" monopolist since competitive fringe firms prospered under this arrangement.Graph the market for steel as it might have existed at this time showing that being a member of the competitive fringe can be profitable.Assume a linear market demand and linear MC and AC that slope upward.

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The Answer of In the early 1900s,U.S.Steel acted as a dominant firm with over sixty percent (60%)of the market.Many,including the Supreme Court in 1920,viewed U.S.Steel as a "good" monopolist since competitive fringe firms prospered under this arrangement.Graph the market for steel as it might have existed at this time showing that being a member of the competitive fringe can be profitable.Assume a linear market demand and linear MC and AC that slope upward.

In the Early 1900s,U