Author Question: A monopolist charges 7 per unit for selling 6 units of his product. To sell 7 units, he reduces ... (Read 172 times)

Jipu 123

  • Hero Member
  • *****
  • Posts: 569
A monopolist charges 7 per unit for selling 6 units of his product. To sell 7 units, he reduces price to 6.5 per unit. The marginal revenue (net addition to revenue) from selling the seventh unit is then 3.5.
  Indicate whether the statement is true or false

Question 2

In long-run equilibrium in perfect competition, the entry and exit of firms will drive economic profits to zero.
 a. True
  b. False
  Indicate whether the statement is true or false



prumorgan

  • Sr. Member
  • ****
  • Posts: 326
Answer to Question 1

T

Answer to Question 2

True



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Tobacco depletes the body of vitamins A, C, and E, which can result in any of the following: dry hair, dry skin, dry eyes, poor growth, night blindness, abscesses, insomnia, fatigue, reproductive system problems, sinusitis, pneumonia, frequent respiratory problems, skin disorders, weight loss, rickets, osteomalacia, nervousness, muscle spasms, leg cramps, extremity numbness, bone malformations, decayed teeth, difficulty in walking, irritability, restlessness, profuse sweating, increased uric acid (gout), joint damage, damaged red blood cells, destruction of nerves, infertility, miscarriage, and many types of cancer.

Did you know?

Cyanide works by making the human body unable to use oxygen.

Did you know?

Pink eye is a term that refers to conjunctivitis, which is inflammation of the thin, clear membrane (conjunctiva) over the white part of the eye (sclera). It may be triggered by a virus, bacteria, or foreign body in the eye. Antibiotic eye drops alleviate bacterial conjunctivitis, and antihistamine allergy pills or eye drops help control allergic conjunctivitis symptoms.

Did you know?

Automated pill dispensing systems have alarms to alert patients when the correct dosing time has arrived. Most systems work with many varieties of medications, so patients who are taking a variety of drugs can still be in control of their dose regimen.

Did you know?

Disorders that may affect pharmacodynamics include genetic mutations, malnutrition, thyrotoxicosis, myasthenia gravis, Parkinson's disease, and certain forms of insulin-resistant diabetes mellitus.

For a complete list of videos, visit our video library