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QUESTION
If a monopolist is producing a quantity where marginal revenue is equal to $16 and the marginal cost is equal to $17, the monopolist should:
If a monopolist is producing a quantity where marginal revenue is equal to $16 and the marginal cost is equal to $17, the monopolist should:
increase production and lower the price to maximize profits.
decrease production and increase the price to maximize profits.
continue producing at the current price to maximize profits.
increase production and increase the price to maximize profits.
decrease production and decrease the price to maximize profits.
