Fill in the blanks:  1. If the market price equals a firm’s break-even price, the firm earns its ________ profit. 2. For a monopoly, the firm’s demand curve is downward sloping, therefore to maximize its profit, the firm must produce where its marginal cost equals ________. 3. The competitive market’s demand curve is __________. sloping while that of the competitive firm is __________.

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Monopoly Market

When a company and its products dominate a sector or an industry, it is termed a monopoly. When a firm and its products control a market, then it is called a monopoly.