-(Exhibit: Monopoly and Monopsony) In monopoly, the equilibrium quantity of output will be where ________ , and in monopsony, equilibrium quantity of input will be where ________.

Question

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In a monopoly, the equilibrium quantity of output is determined where marginal revenue (MR) equals marginal cost (MC). In a monopsony, the equilibrium quantity of input is where the marginal revenue product (MRP) equals the marginal factor cost (MFC).

-(Exhibit: Monopoly and Monopsony) in Monopoly, the Equilibrium Quantity of Output