A single-price monopoly maximizes profit by producing the ...

[kaid0807]

A single-price monopoly maximizes profit by producing the quantity at which _____.
 
  A. its total revenue will be as large as possible
  B. marginal revenue equals marginal cost and setting the price equal to marginal revenue
  C. marginal revenue equals marginal cost and setting the price equal to marginal cost
  D. marginal revenue equals marginal cost and setting the price equal to the most people are willing to pay for that quantity

Question 2

The division of the burden of a tax between buyers and sellers in a market is called tax incidence.
 
  Indicate whether the statement is true or false

[aham8f]

Answer to Question 1

D Figure 12.4(b) illustrates that answer D is correct.

Answer to Question 2

TRUE

[kaid0807]

Thanks for the timely response, appreciate it

[softEldritch]

YES! Correct, THANKS for helping me on my review