Comment by bko

> In the extreme case the market equilibrium is reached when a monopoly jacks up the price and produces less than it would in a competitive market

Wrong. The amount produced is still the point at which marginal cost is equal to marginal revenue under a perfect competition. However the amount charged is higher. Below is the monopoly model, chapter 7-2 :-)

> The monopoly firm maximizes profit by producing an output Qm at point G, where the marginal revenue and marginal cost curves intersect. It sells this output at price Pm.

Basic economics doesn't not apply when you go past chapter 1.

https://uw.pressbooks.pub/microman/chapter/7-2-the-monopoly-...