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Profit maximization condition for perfectly competitive mark

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Reference no: EM132083243

A monopoly is a firm that is the only seller of a good or service that does not have a close substitute. In order to maximize profits, monopolies produce where: Marginal Revenue = Marginal Cost< Market Price.

  1. How does this compare to the profit maximization condition for perfectly competitive markets?
  2. How do these differences contribute to deadweight loss in a monopoly market?
  3. Can you think of reasons why a monopoly might decide on their own to increase production and lower prices to earn an acceptable profit rather than maximize profits?

Reference no: EM132083243

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