A major difference between a single-price monopolist and a perfectly competitive firm is that the
A) monopolist can maximize profit by setting the price of the output where demand is inelastic.
B) monopolist can always increase its profits by increasing the price of its output.
C) monopolist's marginal revenue is less than price.
D) monopolist is guaranteed to earn an economic profit.
Question 2
Steve has two goods he can spend his income on, skiing and skating, and his marginal utilities from each are in the table above. The price of each unit of skiing is 10 and the price of each unit of skating is 10. Steve has 40 to spend.
What quantities of skiing and ice skating will Steve consume to maximize his utility? A) 0 units of skiing and 4 units of skating
B) 2 units of skiing and 2 units of skating
C) 4 units of skiing and 0 units of skating
D) 2 units of skiing and 4 units of skating
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