Monopolists have control over the price they charge in contrast to perfectly competitive firms. They use marginal revenue and marginal cost to determine output and pricing strategies.
Monopolists have control over the price they charge for the product compared to firms in a perfectly competitive industry, where price is determined by market forces. They set prices to maximize profit, choosing a higher price and lesser quantity of output than a price-taking company. Monopolists determine their output by setting marginal revenue equal to marginal cost and selling at a price determined by the demand curve.
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