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Sagot :
The level of output that maximizes a monopoly's profit is when the marginal cost equals the marginal revenue.
Marginal revenue is a central concept in microeconomics and represents the total additional income generated by increasing the sales of a product by one unit. Deriving the value of marginal revenue involves scoring the difference in total benefits accruing to the firm from the number of goods and services obtained in the previous and current period as the rate of production increases. Marginal returns, along with marginal costs to consider, are fundamental tools for economic decision-making in a business environment.
In a perfectly competitive market, the additional revenue realized by selling additional units of goods is the price a firm can charge to the purchaser of the goods. This is because, in a highly competitive market, a company's sales never affect industry prices, so a company always gets the same price for each unit sold, regardless of the number of units sold.
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