If a restaurant was a natural monopoly, its
A) marginal revenue curve would be horizontal.
B) marginal revenue curve would be the same as its demand curve.
C) marginal cost curve would still be declining when it crossed the demand curve.
D) average total cost curve would still be declining when it crossed the demand curve.
Question 2
Refer to Figure 12-5. The firm's manager suggests that the firm's goal should be to maximize average profit. In that case, what is the output level and what is the average profit that will achieve the manager's goal?
A) Q = 1,800 units, average profit = 20 B) Q = 1,350 units, average profit = 5
C) Q = 1,100 units, average profit = 6 D) Q = 1,350 units, average profit = 9
A graphical representation of the marginal value theorem.
A 19-foot-long blue whale skull in the collections of the Smithsonian Museum of Natural History
When a Tornado Strikes: Social Organization Following a Natural Disaster
The term “natural,” when used on the packaging of meat and poultry
The Kuznets Curve
Three Modes of Natural Selection