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Author Question: What is meant by the law of one price? In discussing the law of demand, Hubbard and O'Brien claim ... (Read 105 times)

cartlidgeashley

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What is meant by the law of one price? In discussing the law of demand, Hubbard and O'Brien claim there has been no evidence of an exception to the law (that is, no evidence of an upward-sloping demand curve).
 
  Are there exceptions to the law of one price?

Question 2

If a monopolist's marginal revenue is 35 per unit and its marginal cost is 25, then
 
  A) to maximize profit the firm should decrease output.
  B) to maximize profit the firm should continue to produce the output it is producing.
  C) to maximize profit the firm should increase output.
  D) Not enough information is given to say what the firm should do to maximize profit.


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Bison

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cartlidgeashley

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review


bbburns21

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Reply 3 on: Yesterday
Excellent

 

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