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Author Question: Which of the following is a characteristic of monopoly in the long run? A) The firm makes zero ... (Read 35 times)

nramada

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on: Jun 29, 2018
Which of the following is a characteristic of monopoly in the long run?
 
  A) The firm makes zero economic profit.
  B) The firm can make an economic profit.
  C) Price equals marginal cost.
  D) Price equals marginal revenue.

Question 2

Winnie's Car Wash is a perfectly competitive firm. The table above shows Winnie's total product schedule. If the price of a car wash is 5 and the wage rate is 62.50 per day, how many workers should Winnie employ to maximize his profit?
 
  A) 2
  B) 3
  C) 4
  D) 5


cascooper22

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Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

B


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nramada

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Reply #2 on: Jun 29, 2018
Thank you


cascooper22

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Reply #3 on: Jun 29, 2018
No problemo


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