Arrange the following steps in the profit maximization process for a monopoly: A) Determine the demand curve B) Calculate marginal cost C) Identify the quantity where marginal cost equals marginal revenue D) Set the price based on the demand at that quantity

To maximize profit, a monopoly first needs to determine the demand curve, which shows how much of its product consumers are willing to buy at different prices. Once it understands the demand, the next step is to calculate the marginal cost, which is the cost of producing one more unit of the product. After that, the monopoly identifies the quantity where marginal cost equals marginal revenue, as this is the point where it can maximize its profit. Finally, the monopoly sets the price based on the demand at that quantity, ensuring it captures the highest possible revenue. For example, if a monopoly produces toys, it will find the right price to charge by looking at how many toys consumers want to buy at that specific production level.