A monopolist earns an economic profit only when: a. average ...

[burton19126]

A monopolist earns an economic profit only when:
 a. average total cost equals than price.
  b. marginal cost equals price.
  c. marginal revenue equals price.
  d. average total cost is less than price.

Question 2

Assume that an individual consumes only hotdogs and colas and that the last hotdog consumed yields 15 utils and the last cola 10 utils. If the price of a hotdog is 1 and the price of a cola is .50, we can conclude that the:
 a. consumer should consume more hotdogs and less cola.
  b. price of hotdogs is too high.
  c. consumer should consume fewer hotdogs and more cola.
  d. consumer is in equilibrium.

[yasmina]

Answer to Question 1

d

Answer to Question 2

c

[burton19126]

Excellent

[Jossy]

Thanks for the timely response, appreciate it