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9 Nov 2021
Introduction
Monopoly - A monopoly is a form of market where there is only one producer and seller of the product which has no close substitute.
Average variable cost - The per-unit variable cost of production is known as the average variable cost.
Profit-maximizing price - The price at which the difference between the firm’s total revenue and total cost is at the maximum is known as the profit-maximizing price.
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