For a common resource, the marginal private cost of the resource ...

[yoroshambo]

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?

[jojobee318]

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]

Wow, this really help

[Liddy]

Thanks for the timely response, appreciate it