At the long-run equilibrium level of output, the monopolist's ...

[moongchi]

At the long-run equilibrium level of output, the monopolist's marginal cost will:
 a. exceed price.
  b. equal price.
  c. be less than price.
  d. be less than marginal revenue.

Question 2

If Mr. Smith thinks the last dollar spent on shirts yields more satisfaction than the last dollar spent on cola, and Smith is a utility-maximizing consumer, he should:
 a. decrease his spending on cola.
  b. decrease his spending on cola and increase his spending on shirts.
  c. increase his spending on shirts.
  d. increase his spending on cola and decrease his spending on shirts.

[bd5255]

Answer to Question 1

c

Answer to Question 2

b

[moongchi]

Thanks for the timely response, appreciate it

[frankwu0507]

Great answer, keep it coming