Author Question: A monopolist's supply curve is the portion of its marginal cost curve above average variable cost. ... (Read 58 times)

TVarnum · **on:** Jun 30, 2018

A monopolist's supply curve is the portion of its marginal cost curve above average variable cost.
a. True
b. False

Question 2

A monopoly or group of firms acting together as a monopoly
a. cannot perform the economic task of resource allocation
b. allocates resources in the most efficient way possible
c. misallocates resources by producing more output than a competitive industry would
d. misallocates resources by producing where the marginal benefit of the final unit produced exceeds its marginal cost
e. misallocates resources by producing where the marginal benefit of the final unit produced is less than its marginal cost