Penalties on sellers and buyers

What are the assumptions of a pure monopoly?

What will be an ideal response?

How does a manufacturer set his or her total output to maximize profit?

(A) Set production so that total revenue plus costs is greatest. (B) Determine the largest gap between total revenue and total cost. (C) Determine where marginal revenue and profit are the same. (D) Set production at the point where marginal revenue is smallest.