Question: How does a monopolist determine the correct quantity and price for their particular product? Explain with a diagram and a sentence or two. What is

How does a monopolist determine the correct quantity and price for their particular product? Explain with a diagram and a sentence or two.

What is the relationship between price and marginal revenue for a price taker? What is the relationship between price and marginal revenue for a price setting monopolist? Are your 2 answers the same? Explain why or why no

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