Question: A monopolist sets MR = MC in order to maximize profit in the short run. 1. Explain why the monopolists demand and marginal revenue curves

A monopolist sets MR = MC in order to maximize profit in the short run.
1. Explain why the monopolist’s demand and marginal revenue curves are not the same.
2. Graphically show a monopolist’s short-run profit-maximizing price and quantity.
3. Explain what determines whether a firm is a price taker or a price searcher.

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