Monopolists maximize profit by: O Charging a price that is twice the average cost O Producing the Q where MR = MC O Charging a price where P = ATC O Producing the Q where P = MCConsider a shoe manufacturer in a perfectly competitive industry with the following cost curves: 110 100 Marginal Cost 90 80 Average Cost 70 60 Cost ($) 50 Average Variable Cost 40 30 20 10 50 100 150 200 250 300 350 400 450 500 550 600 Quantity (pairs of shoes)