« previous next »

Author Question: A monopoly: a. faces the market demand curve which is downward sloping. b. has a marginal revenue ... (Read 59 times)

acc299

  • Hero Member
  • *****
  • Posts: 569
on: Jun 30, 2018
A monopoly:
 a. faces the market demand curve which is downward sloping.
  b. has a marginal revenue curve which slopes downward and lies below its demand curve.
  c. will maximize profits by producing an output level where MR = MC.
  d. all of these.

Question 2

Consider a consumer who spends all income on only two goods: pizza and soda. An extra slice of pizza would give the consumer 60 extra utils, while an extra can of soda would give the consumer 20 extra utils. Pizza costs 3 per slice, and soda costs 1 per can. In this situation, the consumer:
 a. is buying too much pizza and not enough soda.
  b. should purchase more pizza and less soda.
  c. has maximized his or her total utility.
  d. needs to equate the marginal utilities for pizza and soda.


lorealeza

  • Sr. Member
  • ****
  • Posts: 345
Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

c


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Vital signs (blood pressure, temperature, pulse rate, respiration rate) should be taken before any drug administration. Patients should be informed not to use tobacco or caffeine at least 30 minutes before their appointment.

Did you know?

People with alcoholism are at a much greater risk of malnutrition than are other people and usually exhibit low levels of most vitamins (especially folic acid). This is because alcohol often takes the place of 50% of their daily intake of calories, with little nutritional value contained in it.

Did you know?

Before a vaccine is licensed in the USA, the Food and Drug Administration (FDA) reviews it for safety and effectiveness. The CDC then reviews all studies again, as well as the American Academy of Pediatrics and the American Academy of Family Physicians. Every lot of vaccine is tested before administration to the public, and the FDA regularly inspects vaccine manufacturers' facilities.

Did you know?

If you could remove all of your skin, it would weigh up to 5 pounds.

Did you know?

There are 20 feet of blood vessels in each square inch of human skin.

A theoretical photosynthetic response curve. A theoretical photosynthetic response curve.
A sigmoid (cooperative) binding curve A sigmoid (cooperative) binding curve
Chimerical Faces Chimerical Faces
The Wong-Baker “Faces” pain rating scale The Wong-Baker “Faces” pain rating scale
The slope of the curve y = ax^3 - bx^2 + cx - 3 at x = 2 is 5. If the point of inflection of the cur The slope of the curve y = ax^3 - bx^2 + cx - 3 at x = 2 is 5. If the point of inflection of the cur
Normal frequency distribution, characterized by a bell-shaped curve Normal frequency distribution, characterized by a bell-shaped curve
Video: Evolutionary tree of life Animation

For a complete list of videos, visit our video library