Monopoly - the meaning of monopoly - the Monopolist's Profit Maximizing Output and price

3 important questions on Monopoly - the meaning of monopoly - the Monopolist's Profit Maximizing Output and price

If the marginal revenue exceeds marginal cost

Monopolist increases profits by producing more

If marginal revenue is less than marginal cost?

Monopolist is only going to increase profit by producing less

What is the optimal output rule

MR=MC

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