This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: A major difference between a single-price monopolist and a perfectly competitive firm is that the ... (Read 59 times)

azncindy619

  • Hero Member
  • *****
  • Posts: 562
on: Jun 29, 2018
A major difference between a single-price monopolist and a perfectly competitive firm is that the
 
  A) monopolist can maximize profit by setting the price of the output where demand is inelastic.
  B) monopolist can always increase its profits by increasing the price of its output.
  C) monopolist's marginal revenue is less than price.
  D) monopolist is guaranteed to earn an economic profit.

Question 2

Steve has two goods he can spend his income on, skiing and skating, and his marginal utilities from each are in the table above. The price of each unit of skiing is 10 and the price of each unit of skating is 10. Steve has 40 to spend.
 
  What quantities of skiing and ice skating will Steve consume to maximize his utility? A) 0 units of skiing and 4 units of skating
  B) 2 units of skiing and 2 units of skating
  C) 4 units of skiing and 0 units of skating
  D) 2 units of skiing and 4 units of skating


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Tonyam972

  • Sr. Member
  • ****
  • Posts: 342
Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

B


azncindy619

  • Member
  • Posts: 562
Reply 2 on: Jun 29, 2018
Gracias!

cam1229

  • Member
  • Posts: 329
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

Warfarin was developed as a consequence of the study of a strange bleeding disorder that suddenly occurred in cattle on the northern prairies of the United States in the early 1900s.

Did you know?

The most common treatment options for addiction include psychotherapy, support groups, and individual counseling.

Did you know?

Malaria mortality rates are falling. Increased malaria prevention and control measures have greatly improved these rates. Since 2000, malaria mortality rates have fallen globally by 60% among all age groups, and by 65% among children under age 5.

Did you know?

Drug-induced pharmacodynamic effects manifested in older adults include drug-induced renal toxicity, which can be a major factor when these adults are experiencing other kidney problems.

Did you know?

Asthma cases in Americans are about 75% higher today than they were in 1980.

6-8 Earth’s Major Tectonic Plates 6-8 Earth’s Major Tectonic Plates
Children can fast map the meanings of words in a single exposure. Children can fast map the meanings of words in a single exposure.
Pollution in the Least Industrialized Nations has become a major problem. These children in the ... Pollution in the Least Industrialized Nations has become a major problem. These children in the ...
Greet a First-Time Client With a Firm Handshake. Greet a First-Time Client With a Firm Handshake.
Major muscles of the arm. Major muscles of the arm.
Vitamin K plays a major role in blood coagulation, or clotting Vitamin K plays a major role in blood coagulation, or clotting
Video: The Nerve Impulse

For a complete list of videos, visit our video library