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Now, is the MR=MC principle only relevant to a monopolist? Indeed, the idea would appear more general than that: any firm should want to price where its marginal revenue just covers its marginal cost.
But why, then, do competitive firms price differently than a monopolist does?
Specifically, what is the marginal revenue curve for a competitive firm and how does it differ from that of a monopolist? Remember, as always, to base your answer on your own knowledge,logic, etc.
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