If a monopolist's marginal revenue is 25 a 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.
Question 2
The order of the letters along the rows of computer keyboards could be changed to allow users to type faster, but this would inconvenience the vast majority of people who learned to type with the current keyboard layout.
The costs of switching to a new layout make this change unlikely. This is an example of
A) how consumers sometimes do not behave rationally.
B) how the elasticity of demand for typewriters has been affected by externalities.
C) path dependency.
D) how social influences overwhelm the substitution effect of a price change.
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