Author Question: A monopolist charges 7 per unit for selling 6 units of his product. To sell 7 units, he reduces ... (Read 126 times)

Jipu 123

  • Hero Member
  • *****
  • Posts: 569
A monopolist charges 7 per unit for selling 6 units of his product. To sell 7 units, he reduces price to 6.5 per unit. The marginal revenue (net addition to revenue) from selling the seventh unit is then 3.5.
  Indicate whether the statement is true or false

Question 2

In long-run equilibrium in perfect competition, the entry and exit of firms will drive economic profits to zero.
 a. True
  b. False
  Indicate whether the statement is true or false



prumorgan

  • Sr. Member
  • ****
  • Posts: 326
Answer to Question 1

T

Answer to Question 2

True



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Tobacco depletes the body of vitamins A, C, and E, which can result in any of the following: dry hair, dry skin, dry eyes, poor growth, night blindness, abscesses, insomnia, fatigue, reproductive system problems, sinusitis, pneumonia, frequent respiratory problems, skin disorders, weight loss, rickets, osteomalacia, nervousness, muscle spasms, leg cramps, extremity numbness, bone malformations, decayed teeth, difficulty in walking, irritability, restlessness, profuse sweating, increased uric acid (gout), joint damage, damaged red blood cells, destruction of nerves, infertility, miscarriage, and many types of cancer.

Did you know?

About 3% of all pregnant women will give birth to twins, which is an increase in rate of nearly 60% since the early 1980s.

Did you know?

Many of the drugs used by neuroscientists are derived from toxic plants and venomous animals (such as snakes, spiders, snails, and puffer fish).

Did you know?

Only one in 10 cancer deaths is caused by the primary tumor. The vast majority of cancer mortality is caused by cells breaking away from the main tumor and metastasizing to other parts of the body, such as the brain, bones, or liver.

Did you know?

Normal urine is sterile. It contains fluids, salts, and waste products. It is free of bacteria, viruses, and fungi.

For a complete list of videos, visit our video library