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

Author Question: Which of the following is true for the monopolist? a. Marginal revenue is less than the price ... (Read 16 times)

Lobcity

  • Hero Member
  • *****
  • Posts: 524
on: Jun 30, 2018
Which of the following is true for the monopolist?
 a. Marginal revenue is less than the price charged.
  b. Economic profit is possible in the long-run.
  c. Profit maximizing or loss minimizing occurs when marginal revenue equals marginal cost.
  d. All of the above.
  e. None of the above.

Question 2

If a consumer is maximizing his/her utility for a given income, the:
 a. marginal utility for every good purchased would be the same.
  b. marginal utility per dollar spent for all goods would be the same.
  c. marginal utility per dollar for all goods would be at a maximum.
  d. total expenditure on each good would be the same.
  e. number of units of each good consumed would be the same.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

smrtceo

  • Sr. Member
  • ****
  • Posts: 344
Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

b


Lobcity

  • Hero Member
  • *****
  • Posts: 524
Reply #2 on: Jun 30, 2018
Correct answers!


smrtceo

  • Sr. Member
  • ****
  • Posts: 344
Reply #3 on: Jun 30, 2018
Great! Please up vote :D


« previous next »
 

Did you know?

Your skin wrinkles if you stay in the bathtub a long time because the outermost layer of skin (which consists of dead keratin) swells when it absorbs water. It is tightly attached to the skin below it, so it compensates for the increased area by wrinkling. This happens to the hands and feet because they have the thickest layer of dead keratin cells.

Did you know?

The largest baby ever born weighed more than 23 pounds but died just 11 hours after his birth in 1879. The largest surviving baby was born in October 2009 in Sumatra, Indonesia, and weighed an astounding 19.2 pounds at birth.

Did you know?

Individuals are never “cured” of addictions. Instead, they learn how to manage their disease to lead healthy, balanced lives.

Did you know?

Complications of influenza include: bacterial pneumonia, ear and sinus infections, dehydration, and worsening of chronic conditions such as asthma, congestive heart failure, or diabetes.

Did you know?

Symptoms of kidney problems include a loss of appetite, back pain (which may be sudden and intense), chills, abdominal pain, fluid retention, nausea, the urge to urinate, vomiting, and fever.

A true albino squirrel. Note the pink eyes. A true albino squirrel. Note the pink eyes.
True-color view of Mars seen through NASA's Hubble Space Telescope in 1999 True-color view of Mars seen through NASA's Hubble Space Telescope in 1999
True-color image of layers of haze in Titan's atmosphere. True-color image of layers of haze in Titan's atmosphere.
Which of the following statements is true of linkage? Which of the following statements is true of linkage?
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. ...
Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price. Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price.
Video: Inflammatory response Animation

For a complete list of videos, visit our video library