Author Question: If a monopoly is producing an amount of output level at which marginal revenue exceeds marginal ... (Read 155 times)

OSWALD · **on:** Jun 29, 2018

If a monopoly is producing an amount of output level at which marginal revenue exceeds marginal cost, in order to increase its profit the monopoly will ________ its price and ________ its output.

A) raise; decrease
B) lower; increase
C) lower; decrease
D) raise; increase

Question 2

Which of the following ideas describes the concept of utilitarianism? I. Utilitarianism gained popularity in the 1930s. II. Utilitarians believed that a society should use only competitive markets to allocate resources. III.

Utilitarians claimed that taking money from rich people and giving it to poorer people would make the economy more fair. A) III only
B) II only
C) I and II
D) I, II and III