Author Question: A monopoly's economic profits are represented by a. price minus marginal cost times number of units ... (Read 61 times)

Bob-Dole · **on:** Jul 1, 2018

A monopoly's economic profits are represented by
a. price minus marginal cost times number of units sold.
b. price minus average cost times number of units sold.
c. marginal revenue minus price times number of units sold.
d. marginal cost minus price times number of units sold.

Question 2

The supply curve for a monopoly is given by
a. the firm's marginal cost curve above the average variable cost curve.
b. the one point on the demand curve that corresponds to the quantity for which price is equal to marginal cost.
c. the entire demand curve above the point where price is equal to average cost.
d. the monopolist does not have a well-defined supply curve.