Students were inquired to answer a question at school and to say what is most important for them to succeed. One which response stood out from the rest was practice. Persons who commonly successful do not become successful by being born. They work hard and persistence their lives to succeeding. This is how you can attain your goals. following are one of the answer and question example that you may utilize to practice and upgrade your information and also give you insights that would help you to maintain your study in school.
Indicate the point where a monopoly will set its price.
A monopoly will set its price at the point where marginal cost and marginal revenue intersects or meet (MC = MR).
A monopoly is a market structure which is typically characterized by a single-seller who sells a unique product in the market by dominance. Thus, it is a market structure wherein the seller has no competitor because he is solely responsible for the sale of unique products without close substitutes. Any individual that deals with the sales of unique products in a monopolistic market is generally referred to as a monopolist.
For example, a public power company that serves as the only power utility (electricity) provider to the public.
Generally, a monopoly will set its price at the point where marginal cost and marginal revenue intersects or meet (MC = MR). This is simply because a monopoly would derive the maximum profit at the point where MC = MR.
They would certainly hopefully help the student take care of the question by make use of the questions and answer examples. Then could definitely make some sharing in a group discussion and also study with the classmate in relation to the topic, so another student also own some enlightenment and still keeps up the school learning.