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Sagot :
For a monopoly, marginal revenue is less than price because c) the firm must lower price if it wishes to sell more output.
A company with a monopoly is one where its product is sold exclusively and there are no close substitutes. Unrestrained monopolies have the ability to set prices and exercise market power.
Monopolies may result in significant scale economies. A business that has the exclusive right to manufacture a specific kind of product might be able to do so in large volumes and at a reduced cost per item. This affordable pricing might be passed on to the customer, depending on the company's ethics.
Learn more about Monopolies here:
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