Suppose I operate in a monopoly environment and I set my price in order to achieve maximum profits. Is my demand elastic, unitary elastic, or

Suppose I operate in a monopoly environment and I set my price in order to achieve maximum profits. Is my demand elastic, unitary elastic, or inelastic?

Does my answer change if I were in a monopolistic market?

What happens to the elasticity when I go from a monopolistic market to a monopolistically competitive one?

Explain and give an example.

 
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