If marginal cost exceeds marginal revenue, a profit-maximizing monopolist will:
a. restrict output to increase the price even higher.
b. raise price and expand output to increase profit.
c. lower price and expand output to increase profit.
d. attempt to maintain this position because it is consistent with profit maximization.
Question 2
A state of consumer equilibrium for two goods consumed exists when the:
a. marginal utility of all goods is the same for the last dollar spent on each good.
b. marginal utility per dollar's worth of two goods is the same for the last dollar spent on each good.
c. price of two goods is the same for the last dollar spent on each good.
d. marginal cost per dollar spent on two goods is the same.
The Increasing Cost of Health Care, 1960–2010
When the exhaust is rich, the output of a zirconia oxygen sensor is above 450 mV.
Profit-maximizing Chart
Role of Factors of Production in Determining Output per Worker, 2009
Cost of Going to School
A cowbird with its foster parent. A female cowbird minimizes her cost of parental care by laying her