A monopolist usually produces
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Like a competitive firm, the monopolist produces the quantity at which marginal revenue equals marginal cost. The difference is that for the monopo- list, marginal revenue no longer equals price. The price that the monopolist charges is the price at which buyers are willing to buy the profit-maximizing quantity.
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Like a competitive firm, the monopolist produces the quantity at which marginal revenue equals marginal cost. The difference is that for the monopo- list, marginal revenue no longer equals price. The price that the monopolist charges is the price at which buyers are willing to buy the profit-maximizing quantity.
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