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I think it may be more about perception than anything. When I fight red monsters, I rarely see any good drops, but I can fight Marlone Archers and Megatons and get a green drop every 10 minutes or so. I can probably take out about 10 or 15 of those per 1 red monster.
Red/Orange/Yellow monsters MAY have better drop rates than Green mobs, but unless it's ridiculously higher, fighting monsters you can easily mow down and still get drops from them is usually faster money and exp.
My 2 cents.
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