The perfectly discriminating monopolist will produce the
(a) quantity at which average cost exceeds marginal revenue.
(b) quantity at which marginal cost equals average cost.
(c) quantity at which marginal revenue equals marginal cost.
(d) quantity and price which is not necessarily profit-maximizing but in the
best interest of society at large, even if it means loss.
Question 2
Even though the number of workers in manufacturing has increased in the post-war world (since 1947), the proportion of manufacturing workers in the total labor force has declined.
Indicate whether the statement is true or false
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