Why Marginal Revenue is less than Price / Average Revenue for firms with Market Power (Monopolist)

Hi Everyone! In this video I will discuss the intuition as to why Marginal Revenue (MR) is less than the Price (or alternatively Average Revenue), for firms with Market Power. In your class, you probably know this question as why do is the MR of the monopolist less than price? Please like and subscribe - I hope that the video helps!