Question

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It is stated that we always produce where Marginal Cost (MC) equals Marginal Revenue (MR) because that is where our Profit Maximizing (or Loss Minimizing) point is.

1. Tell me why we always produce where MC=MR, what would we do if MC is less than MR (i.e. increase or decrease production and why), and what we do if MC is greater than MR (i.e. increase or decrease production and why).
2. Tell me why in a Perfect Competition Model MR is equal to the price but in a Monopoly and a Monopolistic Model MR is less than price.
3. In a Monopoly and a Monopolistic Model we just said MR is less than price. Then if we are a producer and have found out how much to produce to maximize profit how do we determine what price to sell our product?
4. Once we find our Profit Maximizing point, and determined our price and how many to produce, how do we determine if we are making a profit or making a loss?