Business, 11.10.2019 14:00 jones03riley

Indicate the point where a monopoly will set its output.

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The point where a monopoly will set its output is where marginal cost is equal to marginal revenue. Please see the encircled part of the image.

To add, monopoly is the market situation where one producer (or a group of producers acting in concert) controls supply of a good or service, and where the entry of new producers is prevented or highly restricted.

Indicate the point where a monopoly will set its output.

Answer from: zmerriweather167

The monopoly sets its output at the point where its marginal cost becomes equal to marginal revenue.

A monopoly structure represents a market that comprises a large number of buyers that are having a single seller to purchase goods from. It gives them an incentive to charge higher prices as they have the power to control the supply of products in the market.

The monopoly aims at profit maximization which is determined by equating the marginal cost with marginal revenue. It thereby gives the monopoly their equilibrium output (Q) and price (P) in the market.

Hence, the firms would try to produce products till the point marginal revenue would be more or above the marginal cost.

Learn more about monopoly here:

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Answer from: Quest

1 all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

Answer from: Quest

Nucleus

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Indicate the point where a monopoly will set its output.
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