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Author Question: For a common resource, the marginal private cost of the resource is equal to the marginal social ... (Read 95 times)

yoroshambo

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on: Jun 29, 2018
For a common resource, the marginal private cost of the resource is equal to the marginal social cost.
 
  Indicate whether the statement is true or false

Question 2

Comment on the following: A monopolist is a firm that can raise its price without experiencing a decrease in its total revenue.
 
  What will be an ideal response?


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jojobee318

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Reply #1 on: Jun 29, 2018
Answer to Question 1

FALSE

Answer to Question 2

This statement describes a firm for which demand is price inelastic. Because a profit maximizing monopolist sets its price on the elastic portion of the demand curve, this statement is false.


yoroshambo

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

meow1234

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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