In a monopoly market, there is only one firm. They will be a price maker with a downward sloping demand curve, and earn supernormal profits by producing at the profit maximising output MC=MR.
Diagram: Monopoly
In a monopoly market, there is only one firm. They will be a price maker with a downward sloping demand curve, and earn supernormal profits by producing at the profit maximising output MC=MR.
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