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| As of December 31 of the year just ended, a monopolist was producing at a level where the selling price was $18, it had an average total cost of $15, an average variable cost of $12, marginal revenue of $13, and a marginal cost of $14. To maximize profits in the new year, the monopolist should A. Not change the output level because the monopolist is currently at the profit-maximizing output level. B. Shut down. C. Increase production. D. Decrease production. |