If a monopolistically competitive firm is producing 50 units of output where marginal cost equals marginal revenue, total cost is 1,674 and total revenue is 2,000, its average profit is
A) 326.
B) 40.
C) 6.52.
D) impossible to determine without additional information.
Question 2
In a natural monopoly, throughout the range of market demand
A) marginal cost is above average total cost and pulls average total cost upward.
B) marginal cost is below average total cost and pulls average total cost downward.
C) there are diseconomies of scale.
D) average total cost is above marginal cost and pulls marginal cost upward.
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