Dr. Zo receives $400,000 in salary as an oncologist. According to economists, the competitive price or salary for a doctor willing to practice is equal to $220,000; as a result, Dr. Zo's monopoly rent is worth $180,000.
Instead of basing prices only on business costs or goal profit margins, competitive pricing is the act of strategically choosing price points for your goods or services based on competitive pricing in your market or niche.
Dr. Zo's salary is $400,000.
$220,000 is the going rate for such work.
We are aware of:
Dr. Zo's monopoly rent is equal to his salary minus the going rate for identical work.
Dr. Zo's monopoly rent was = $400000 - $220,000.
Dr. Zo's rent from Monopoly = $180,000.
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