What are the profit-maximizing conditions under monopoly?

A monopoly maximizes its profit when it sets its marginal revenue (MR) equal to its marginal cost (MC). The level of production output and the level of price at which MR = MC are those that maximize the profit of a monopolist. Hence, in order to determine the value of these two variables, one must equate the marginal revenue to the marginal cost and solve for the quantity of a good and its price.