The conditions for profit maximization and the analysis of short-run equilibrium are identical for monopoly and for a monopolistically competitive firm.

Name: The conditions for profit maximization and the analysis of short-run equilibrium are identical for monopoly and for a monopolistically competitive firm.
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The profit-maximizing condition for both monopoly and monopolistic competition is MR = MC. In the short run, both types of firms will produce where MR = MC and set a price above marginal cost.

The Conditions for Profit Maximization and the Analysis of Short-Run