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

Author Question: Which of the following best explains why marginal revenue for a monopolist is less than the sales ... (Read 69 times)

lb_gilbert

  • Hero Member
  • *****
  • Posts: 588
on: Jun 30, 2018
Which of the following best explains why marginal revenue for a monopolist is less than the sales price?
 a. To sell more units, the monopolist must reduce price on all units sold.
 b. As the monopolist expands output, the average total cost of production declines.
 c. The monopolist charges each consumer the highest possible price.
 d. When a firm has a monopoly, consumers have no choice other than to pay the price set by the monopolist.

Question 2

What is marginal cost?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

jordangronback

  • Sr. Member
  • ****
  • Posts: 339
Reply #1 on: Jun 30, 2018
Answer to Question 1

a

Answer to Question 2

Marginal cost is the rate of change in total variable cost. It is the increase in total variable cost for producing an extra unit of output. Marginal cost can be measured by the slope of the tangent to the total variable cost curve.


lb_gilbert

  • Member
  • Posts: 588
Reply 2 on: Jun 30, 2018
Excellent

phuda

  • Member
  • Posts: 348
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

Common abbreviations that cause medication errors include U (unit), mg (milligram), QD (every day), SC (subcutaneous), TIW (three times per week), D/C (discharge or discontinue), HS (at bedtime or "hours of sleep"), cc (cubic centimeters), and AU (each ear).

Did you know?

Pubic lice (crabs) are usually spread through sexual contact. You cannot catch them by using a public toilet.

Did you know?

Prostaglandins were first isolated from human semen in Sweden in the 1930s. They were so named because the researcher thought that they came from the prostate gland. In fact, prostaglandins exist and are synthesized in almost every cell of the body.

Did you know?

It is difficult to obtain enough calcium without consuming milk or other dairy foods.

Did you know?

The average adult has about 21 square feet of skin.

A single-gene model explains Mendel’s ratios A single-gene model explains Mendel’s ratios
Independent assortment of chromosomes at meiosis explains Mendel's ratio Independent assortment of chromosomes at meiosis explains Mendel's ratio
The footnote on a Nutrition Facts label explains the Recommended Daily Values that are the basis of ... The footnote on a Nutrition Facts label explains the Recommended Daily Values that are the basis of ...
Marginal Supply - Demand Curve Marginal Supply - Demand Curve
A company that makes environmental measuring devices has calculated their revenue and costs as ... A company that makes environmental measuring devices has calculated their revenue and costs as ...
Last year, Terrific Copying had total revenue of $475 000, while operating at 60% of capacity. ... Last year, Terrific Copying had total revenue of $475 000, while operating at 60% of capacity. ...
Video: Predator- prey competition and symbiosis

For a complete list of videos, visit our video library