The act of buying a product at a low price in one market and reselling the product at a higher price in another market is called arbitrage.
Indicate whether the statement is true or false
Question 2
Refer to Figure 15-5. If the monopolist charges price P for output Q, in order to maximize profit or minimize loss in the short run, it should
A) continue to produce because price is greater than average variable cost.
B) shut down because price is greater than marginal cost.
C) continue to produce because a monopolist always earns a profit.
D) shut down because price is less than average total cost.
Potency and efficacy: (a) drug A has a higher potency than drug B; (b) drug A has a higher efficacy
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