Question

why MR is less than price in monopoly market ?​

Answer 1

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The competitive firm can sell all it wants at the given price. For a monopoly there is a price effect.

So the marginal revenue on its additional unit sold is lower than the price, because it gets less revenue for previous units as well (it has to reduce price to the same amount for all units).

Answer 2

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The competitive firm can sell all it wants at the given price. For a monopoly there is a price effect.

So the marginal revenue on its additional unit sold is lower than the price, because it gets less revenue for previous units as well (it has to reduce price to the same amount for all units).