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At the profit-maximizing output, this firm's total profit will be $280.
A monopolist is a single firm that operates in an industry. There is only one firm in the industry because there are usually high barriers to entry of firms. The demand curve is downward sloping. A monopoly sets the price for its goods and services.
Profit is maximised when marginal revenue is equal to marginal cost. Looking at the given table, marginal revenue is equal to marginal cost when output is 4 and price is $70
Total profit = 70 x 4 = $280
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