a) The output rate and price that the monopolist operates at are 100 units and $5 per unit because, at this point, the marginal cost equals the marginal revenue.
b) In the equilibrium, the monopolist's total cost and total revenue are approximately $1,050.
c) The monopolist's economic profit or loss in equilibrium is $0.
Who is a monopolist?
Economists define a monopolist as an entity that controls the market for a particular good or service within a locality.
Data and Calculations:
Total cost at equilibrium = $1,050 (150 x $7)
Total revenue at equilibrium = $1,050 ( 150 x $7)
Economic profit or loss in equilibrium = $0 ($1,050 - $1,050)
Thus, when a single seller or producer exists for a unique product in the market, it shows the existence of a monopoly.
Learn more about a monopoly at https://brainly.com/question/7217942
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