Author Question: A monopolist can make an economic profit in the long run because of A) the relatively elastic ... (Read 72 times)

jake · **on:** Jun 29, 2018

A monopolist can make an economic profit in the long run because of

A) the relatively elastic demand for its product.
B) the relatively inelastic demand for its product.
C) the firm's price setting behavior.
D) barriers to entry.

Question 2

The table above gives costs at Jan's Bike Shop. Unfortunately, Jan's record keeping has been spotty. Each worker is paid 100 a day. Labor costs are the only variable costs of production. What is the total cost of producing 50 bikes?

A) 100
B) 200
C) 300
D) 400