« previous next »

Author Question: A monopolist charges 7 per unit for selling 6 units of his product. To sell 7 units, he reduces ... (Read 49 times)

Jipu 123

  • Hero Member
  • *****
  • Posts: 569
on: Jun 30, 2018
A monopolist charges 7 per unit for selling 6 units of his product. To sell 7 units, he reduces price to 6.5 per unit. The marginal revenue (net addition to revenue) from selling the seventh unit is then 3.5.
  Indicate whether the statement is true or false

Question 2

In long-run equilibrium in perfect competition, the entry and exit of firms will drive economic profits to zero.
 a. True
  b. False
  Indicate whether the statement is true or false


prumorgan

  • Sr. Member
  • ****
  • Posts: 326
Reply #1 on: Jun 30, 2018
Answer to Question 1

T

Answer to Question 2

True


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

It is important to read food labels and choose foods with low cholesterol and saturated trans fat. You should limit saturated fat to no higher than 6% of daily calories.

Did you know?

Studies show that systolic blood pressure can be significantly lowered by taking statins. In fact, the higher the patient's baseline blood pressure, the greater the effect of statins on his or her blood pressure.

Did you know?

Fatal fungal infections may be able to resist newer antifungal drugs. Globally, fungal infections are often fatal due to the lack of access to multiple antifungals, which may be required to be utilized in combination. Single antifungals may not be enough to stop a fungal infection from causing the death of a patient.

Did you know?

The word drug comes from the Dutch word droog (meaning "dry"). For centuries, most drugs came from dried plants, hence the name.

Did you know?

Long-term mental and physical effects from substance abuse include: paranoia, psychosis, immune deficiencies, and organ damage.

The unit on top of this Subaru that looks like a radiator is the intercooler, which cools the air ... The unit on top of this Subaru that looks like a radiator is the intercooler, which cools the air ...
To measure engine oil pressure, remove the oil pressure sending (sender) unit usually located near ... To measure engine oil pressure, remove the oil pressure sending (sender) unit usually located near ...
The fuel tank pressure sensor (black unit with three wires) looks like a MAP sensor and is usually ... The fuel tank pressure sensor (black unit with three wires) looks like a MAP sensor and is usually ...
A Partially Filled 100-Unit Insulin Syringe A Partially Filled 100-Unit Insulin Syringe
If P(θ) = (√3 /2, -1/ 2), determine the coordinates of P (θ + 90 °) using the unit circle If P(θ) = (√3 /2, -1/ 2), determine the coordinates of P (θ + 90 °) using the unit circle
Expressing amounts of energy in different energy units is necessary to solve man Expressing amounts of energy in different energy units is necessary to solve man
Video: Control of ventilation rate by other brain centers (posts, hypothalamus & cerebral cortex)

For a complete list of videos, visit our video library