To increase profit the monopolist should decrease output until marginal revenue equals marginal cost.
More about monopolist:
A person, group, or business that completely dominates the market for a specific commodity or service is known as a monopolist. A monopolist is likely to support legislation that strengthens monopolies since it provides them more authority.
Due to the lack of competition, a monopolist has little motivation to maximize their product. Instead, they are driven by a desire to preserve the monopoly.
When a monopolist has become the sole supplier of a specific good or service, a monopoly has formed. This is distinct from a monopsony, because that's when only one organization has the authority to make purchases of goods or services. It also differs from an oligopoly, which would be characterised by a small number of vendors controlling a market.
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