A monopolist will shut down in the short run if:
a. price exceeds marginal revenue.
b. price is less than marginal revenue.
c. price is less than average total cost.
d. price is less than average variable cost.
Question 2
Which of the following statements about an increasing-returns-to-scale industry is not true?
a. It will tend to concentrate production in the hands of a very few large firms.
b. Firms in the industry face higher costs per unit of production as their level of output increases.
c. Opportunity costs may rise with the level of output in such industries.
d. Tariffs can be used to stimulate production by a domestic industry capable of achieving increasing returns to scale.
e. The costs of producing a unit of output fall as more output is produced in such industries.
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