Refer to Figure 13-17. Suppose the firm is currently producing Qf units. What happens if it increases its output to Qg units?
A) It will move from a zero profit situation to a loss situation
B) Its average cost of production will fall and its profit will rise.
C) It will move from a zero profit situation to a profit situation
D) It will be taking advantage of economies of scale and will be able to lower the price of its product.
Question 2
If a monopolist's marginal revenue is 15 per unit and its marginal cost is 25, then to maximize profit the firm should decrease output.
Indicate whether the statement is true or false
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