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Author Question: Which of the following is true for the monopolist? a. Marginal revenue is less than the price ... (Read 13 times)

Lobcity

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on: Jun 30, 2018
Which of the following is true for the monopolist?
 a. Marginal revenue is less than the price charged.
  b. Economic profit is possible in the long-run.
  c. Profit maximizing or loss minimizing occurs when marginal revenue equals marginal cost.
  d. All of the above.
  e. None of the above.

Question 2

If a consumer is maximizing his/her utility for a given income, the:
 a. marginal utility for every good purchased would be the same.
  b. marginal utility per dollar spent for all goods would be the same.
  c. marginal utility per dollar for all goods would be at a maximum.
  d. total expenditure on each good would be the same.
  e. number of units of each good consumed would be the same.


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smrtceo

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Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

b


Lobcity

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Reply #2 on: Jun 30, 2018
Correct answers!


smrtceo

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Reply #3 on: Jun 30, 2018
Great! Please up vote :D


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