I'm trying to refresh my microeconomics knowledge. And I have some "blind spots" I just can't fix.
Let's say we have a monopoly on the market. It's usual goal is to maximize it's profits. The point where $MR=MC$ will profit maximizing condition.
What is value in this context? I mean, the good $Q$ is being Demanded by customers so value concept should be assigned to it, right? Is there a "value curve" or "marginal value curve" for such charts? Or value is utility, or benefit?
I'm confused about the usage of those terms.