Equating the monopolist's marginal revenue with its marginal cost, which is the same profit-maximizing condition, yields the monopolist's profit-maximizing level of output and associated profit-maximizing price.
What is a monopolist individual?
A monopolist is a person, organization, or business that dominates and controls the market for a particular item or service. Due to the absence of substitute products or services and competition, monopolists can command high prices since they have sufficient market power.
What does monopolist look like in practice?
A company that sells its product exclusively and without any close substitutes is said to have a monopoly. An unchecked monopoly has the ability to set prices and has market power. DeBeers and diamonds, Microsoft and Windows, etc.
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