This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Both a perfectly competitive firm and a monopolist: a. always earn an economic profit. b. maximize ... (Read 99 times)

WWatsford

  • Hero Member
  • *****
  • Posts: 539
    • Biology Forums!
on: Jun 30, 2018
Both a perfectly competitive firm and a monopolist:
 a. always earn an economic profit.
  b. maximize profit by setting marginal cost equal to marginal revenue.
  c. maximize profit by setting marginal cost equal to average total cost.
  d. are price takers.

Question 2

Total utility is maximized in the consumption of two goods by equating the:
 a. prices of both goods for the last dollar spent on each good.
  b. marginal utilities of both goods for the last dollar spent on each good.
  c. ratios of marginal utility to the price of both goods for the last dollar spent on each good.
  d. marginal utility of one good to the price of the other.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

angrybirds13579

  • Sr. Member
  • ****
  • Posts: 344
Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

c


WWatsford

  • Member
  • Posts: 539
Reply 2 on: Jun 30, 2018
YES! Correct, THANKS for helping me on my review

Jsherida

  • Member
  • Posts: 314
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

The FDA recognizes 118 routes of administration.

Did you know?

Pubic lice (crabs) are usually spread through sexual contact. You cannot catch them by using a public toilet.

Did you know?

As many as 28% of hospitalized patients requiring mechanical ventilators to help them breathe (for more than 48 hours) will develop ventilator-associated pneumonia. Current therapy involves intravenous antibiotics, but new antibiotics that can be inhaled (and more directly treat the infection) are being developed.

Did you know?

Persons who overdose with cardiac glycosides have a better chance of overall survival if they can survive the first 24 hours after the overdose.

Did you know?

Fewer than 10% of babies are born on their exact due dates, 50% are born within 1 week of the due date, and 90% are born within 2 weeks of the date.

Economic Development Economic Development
economic question economic question
economic question economic question
economic question economic question
economic question economic question
economic question economic question
Video: Arthroscopy

For a complete list of videos, visit our video library