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1. At the profit-maximizing level of output of a monopoly firm: A) A price (P) is greater than the marginal costs (MC) B) A price

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1. At the profit-maximizing level of output of a monopoly firm: A) A price (P) is greater than the marginal costs (MC) B) A price (P) is lower than the marginal costs (MC) C) A price (P) is equal to the marginal costs (MC) D) Price can be both greater and lower than the MC, depending on industry in which monopoly operates

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