If marginal cost exceeds marginal revenue, a profit-maximizing monopolist will:
a. restrict output to increase the price even higher.
b. raise price and expand output to increase profit.
c. lower price and expand output to increase profit.
d. attempt to maintain this position because it is consistent with profit maximization.
Question 2
A state of consumer equilibrium for two goods consumed exists when the:
a. marginal utility of all goods is the same for the last dollar spent on each good.
b. marginal utility per dollar's worth of two goods is the same for the last dollar spent on each good.
c. price of two goods is the same for the last dollar spent on each good.
d. marginal cost per dollar spent on two goods is the same.
A graphical representation of the marginal value theorem.
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