Author Question: For a single-price monopolist, marginal revenue is less than price because A) the revenue gain ... (Read 114 times)

jazziefee · **on:** Jun 29, 2018

For a single-price monopolist, marginal revenue is less than price because

A) the revenue gain from the last unit sold is offset by a revenue loss on the units that previously had been sold at a higher price.
B) the revenue gain from the last unit sold is offset by further gains in price on units not sold at all.
C) total revenue always decreases as output increases.
D) the price does not have to be lowered on all previous units sold.

Question 2

When bank tellers converse with each other, keeping customers waiting in line, they are

A) unemployed.
B) out of the labor force.
C) working in the best interest of the agent.
D) working in the best interest of the principals.