A monopolist will operate at the quantity where:
a. MR = MC and charge a price equal to marginal revenue.
b. MR = MC and charge a price equal to average variable cost.
c. MR = MC and charge a price corresponding to demand at that level.
d. MR = MC and charge a price corresponding to average total cost at that level.
Question 2
Which of the following cases exhibit increasing returns to scale?
a. Output increases by 5 percent when inputs are increased by 6 percent.
b. Output increases by 6 percent when inputs are increased by 5 percent.
c. Output increases by 7 percent when inputs are increased by 7 percent.
d. Output declines by 2 percent when inputs are increased by 1 percent.
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