explain with diagram , the process of short run price and output determination in monopoly market?
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PRICE-OUTPUT DETERMINATION UNDER MONOPOLY:
In other words, under monopoly the MR curve lies below the AR curve. ... Now the total profit is equal to P'L (profit per unit) multiply by OM (total output). In the short run, the monopolist has to keep an eye on the variable cost, otherwise he will stop producing.
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