The following represents a portion of the demand schedule faced by a monopoly firm. Price Quantity $12 $1 $10 3 $ 9 Refer to Table 9-1. What is the marginal revenue of the second unit of output? $1 $8 $10 $12 2.

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Monopoly Market

When a company and its products dominate a sector or an industry, it is termed a monopoly. When a firm and its products control a market, then it is called a monopoly.