Use the cost and revenue data to answer the questions. Quantity Price Total revenue Total cost 10 90 900 675 15 80 1200 825 20 70 1400 1025 25 60 1500 1250 30 50 1500 1500 35 40 1400 1850 If the firm is a monopoly, what is marginal revenue when the quantity is 25?   MR=    What is the marginal cost when quantity is 15?   MC=   If this firm is a monopoly, at what quantity will marginal profit be $0.00?   Quantity=    If this is a perfectly competitive market, which quantity will be produced?   Quantity=

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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.