Fill in the Blank QuestionFill in the blank question.The monopolist seeks maximum profit, not maximum unit profit.

The monopolist seeks maximum profit, not maximum unit profit. This means that a monopolist aims to maximize the total profit earned from producing and selling a quantity of goods, rather than focusing solely on the profit earned from each individual unit sold.

In maximizing total profit, the monopolist considers factors such as the price elasticity of demand, total costs, and market demand for the product. By doing so, the monopolist can effectively balance the quantity produced and the price charged to achieve the highest possible overall profit.

This approach contrasts with perfect competition, where firms are more focused on maximizing the profit per unit due to competitive pricing pressures, often leading to a situation where they cannot significantly influence market prices.