To earn an economic profit in the short-run, a monopolist sets ...

[codyclark]

To earn an economic profit in the short-run, a monopolist sets marginal revenue equal to zero.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

The substitution effect is the concept that changes in consumption of a good result from changes in the relative price of a competing good.
 a. True
  b. False
  Indicate whether the statement is true or false

[Smiles0805]

Answer to Question 1

False

Answer to Question 2

True

[codyclark]

Excellent

[helenmarkerine]

Thanks for the timely response, appreciate it