Problem
1. At the quantity of output at which the monopolist maximizes total profit, is the monopolist's total revenue maximized? Explain.
2. What is the IEPR? How does it relate to the monopolist's profit-maximizing condition, MR MC?
3. Evaluate the following statement: Toyota faces competition from many other firms in the world market for automobiles; therefore, Toyota cannot have market power.
4. What rule does a multiplant monopolist use to allocate output among its plants? Would a multiplant perfect competitor use the same rule?
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.