The supply curve slopes upward in "The Competitive Market Outcome," and in this case, the monopolist produces at a greater cost.
When MR = MC, the monopolist will choose the output level that maximizes profits and then set the price for that level of output according to the market demand curve. The monopolist makes money if the price is higher than the cost average.
As soon as a monopolist decides how much to produce, the price of its output is determined by the highest price that customers are prepared to pay for the good. Drawing 14.3 What happens in Monopoly. In order for marginal revenue to equal marginal cost, a monopolist must produce a certain amount. The demand curve establishes the price.
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