What equilibruim price do firms operating under conditions of monopoly use?

Firms operating under conditions of monopoly set their equilibrium price where marginal cost (MC) equals marginal revenue (MR). This price is typically higher than the marginal cost, allowing the monopolist to maximize profits by restricting output. Unlike firms in competitive markets, a monopolist has the market power to influence the price, leading to higher prices and lower quantities of goods sold compared to competitive equilibrium.