How do you find the profit maximizing PRICE (not level of output) on a graph for a monopoly with demand, marginal revenue, marginal cost, and average total cost curves. Group of answer choices Find the minimum point on the ATC curve and go straight over to the price axis. Find the point where MR = MC and go straight over to the price axis. Find the point where MR = MC, go straight up until you hit the demand curve, and then go straight over to the price axis. Find the point where demand hits marginal cost and go straight over to the price axis.

Economics:
10th Edition
ISBN:9781285859460
Author:BOYES, William
Publisher:BOYES, William
Chapter23: Profit Maximization
Section: Chapter Questions
Problem 13E
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How do you find the profit maximizing PRICE (not level of output) on a graph for a monopoly with demand, marginal revenue, marginal cost, and average total cost curves.
Group of answer choices
Find the minimum point on the ATC curve and go straight over to the price axis.
Find the point where MR = MC and go straight over to the price axis.
Find the point where MR = MC, go straight up until you hit the demand curve, and then go straight over to the price axis.
Find the point where demand hits marginal cost and go straight over to the price axis.
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