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Author Question: If the demand shifts, then for a profit maximizing monopolist, A) price will change while ... (Read 61 times)

madam-professor

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on: Jul 1, 2018
If the demand shifts, then for a profit maximizing monopolist,
 
  A) price will change while quantity will remain constant.
  B) price will change and quantity will change.
  C) Both A and B.
  D) Neither A nor B.

Question 2

The Law of Diminishing Marginal Returns could also be termed the Law of Increasing Marginal Costs.
 
  Indicate whether the statement is true or false


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onowka

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Reply #1 on: Jul 1, 2018
Answer to Question 1

C

Answer to Question 2

True . Since MC = w/MPL in the short run, the fact that MPL eventually declines means that MC must eventually increase.


madam-professor

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Reply 2 on: Jul 1, 2018
Thanks for the timely response, appreciate it

kusterl

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

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