Problem
In everyday discussions, people tend to talk about monopoly firms ‘‘setting high prices,'' but in this chapter we have talked about choosing a profitmaximizing level of output. Are these two approaches saying the same thing? What kind of rule would a monopoly follow if it wished to choose a profit-maximizing price? Why not charge the highest price possible?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.