Assume a firm in a competitive market is outputting 500 units and sells each unit for 4 dollars. The average total cost is 3 dollars. What is the total profit?  Suppose when a monopoly charges 5 dollars, it sells 2 units of output. When it charges 4 dollars it sells 3 units of output. What is the Marginal Revenue of the 4th output?

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A: MC = 10 + 2q Q = 130 - p  MR = 130 -2q ATC = 10 + 100/q + q

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A: Answer:

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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.