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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

If the market is a monopoly market, how much does profit equal?

images

To determine

The profit of the monopoly.

Explanation

In Figure 1, the horizontal axis measures quantity, and the vertical axis measures price. The monopoly produces at the point where marginal cost equals marginal revenue. The economic profit is there in a monopoly market, and Profit=RevenueCost i.e. PQATC(Q)

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