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Explain why both monopolies and perfectly competitive firms produce the output where MR=MC. Since MR=MC for both monopolies and perfectly competitive firms, why is the

Explain why both monopolies and perfectly competitive firms produce the output where MR=MC. Since MR=MC for both monopolies and perfectly competitive firms, why is the profit-maximizing price based on MR=MC higher than MC for the monopoly but equal to MC for perfect competition?

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