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Author Question: Which of the following statements is true of a monopolist? a. The firm charges the highest possible ... (Read 30 times)

xclash

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on: Jun 30, 2018
Which of the following statements is true of a monopolist?
 a. The firm charges the highest possible price.
  b. The firm always earns a profit.
  c. The firm might earn a profit in the long run.
  d. The firm generates a larger consumer surplus than a perfectly competitive firm.
  e. The firm is more production efficient than a perfectly competitive firm.

Question 2

Suppose that, in the short run, a perfectly competitive firm earns a normal profit. Which of the following is incorrect?
 a. MR = price
  b. MR = ATC
  c. AR  Q = TR
  d. TR = TC
  e. P = AVC


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14vl19

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

C

Answer to Question 2

E


xclash

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  • Posts: 681
Reply 2 on: Jun 30, 2018
Great answer, keep it coming :)

adammoses97

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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