A single-price monopoly is producing at an output level where marginal revenue is $15, marginal cost is $13, and price is $20. This monopoly is?

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03-08-2022
Business

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A single-price monopoly is producing at an output level where marginal revenue is $15, marginal cost is $13, and price is $20. This monopoly is?

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smecloudbird18 smecloudbird18 · Answer 1 · 2022-08-13T10:19:13-04:00

The monopoly is maximizing its profit but still should decrease output to earn even more profit. A market structure characterized by a single seller selling a market-exclusive product. The seller has no competition in a monopoly market because he is the sole seller of goods with no close substitute.

The Monopoly occurs when one market is the sole provider of phone service in a given area. A cat is the only pet that can be aloof, which is an example of monopoly. A monopoly is a phone company that is the only provider of phone service in a given area.

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