Explain price and output determination for a monopoly in short as well – InterviewSolution

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1.	Explain price and output determination for a monopoly in short as well as in long run?
Answer» ━━━━━━━━━━━━━━━━━━━ᴛʜᴇ ᴇǫᴜɪʟɪʙʀɪᴜᴍ ʟᴇᴠᴇʟ ɪɴ ᴍᴏɴᴏᴘᴏʟʏ ɪs ᴛʜᴀᴛ ʟᴇᴠᴇʟ ᴏғ ᴏᴜᴛᴘᴜᴛ ɪɴ ᴡʜɪᴄʜ ᴍᴀʀɢɪɴᴀʟ ʀᴇᴠᴇɴᴜᴇ ᴇǫᴜᴀʟs ᴍᴀʀɢɪɴᴀʟ ᴄᴏsᴛ. ᴛʜᴇ ᴘʀᴏᴅᴜᴄᴇʀ ᴡɪʟʟ ᴄᴏɴᴛɪɴᴜᴇ ᴘʀᴏᴅᴜᴄᴇʀ ᴀs ʟᴏɴɢ ᴀs ᴍᴀʀɢɪɴᴀʟ ʀᴇᴠᴇɴᴜᴇ ᴇxᴄᴇᴇᴅs ᴛʜᴇ ᴍᴀʀɢɪɴᴀʟ ᴄᴏsᴛ. ɪɴ ᴛʜᴇ sʜᴏʀᴛ ʀᴜɴ, ᴛʜᴇ ᴍᴏɴᴏᴘᴏʟɪsᴛ ʜᴀs ᴛᴏ ᴋᴇᴇᴘ ᴀɴ ᴇʏᴇ ᴏɴ ᴛʜᴇ ᴠᴀʀɪᴀʙʟᴇ ᴄᴏsᴛ, ᴏᴛʜᴇʀᴡɪsᴇ ʜᴇ ᴡɪʟʟ sᴛᴏᴘ ᴘʀᴏᴅᴜᴄɪɴɢ.━━━━━━━━━━━━━━━━━━━━━━━━━━

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