« previous next »

Author Question: A monopolist charges 7 per unit for selling 6 units of his product. To sell 7 units, he reduces ... (Read 89 times)

Jipu 123

  • Hero Member
  • *****
  • Posts: 569
on: Jun 30, 2018
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
Reply #1 on: Jun 30, 2018
Answer to Question 1

T

Answer to Question 2

True


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Cancer has been around as long as humankind, but only in the second half of the twentieth century did the number of cancer cases explode.

Did you know?

Certain rare plants containing cyanide include apricot pits and a type of potato called cassava. Fortunately, only chronic or massive ingestion of any of these plants can lead to serious poisoning.

Did you know?

Malaria was not eliminated in the United States until 1951. The term eliminated means that no new cases arise in a country for 3 years.

Did you know?

Asthma attacks and symptoms usually get started by specific triggers (such as viruses, allergies, gases, and air particles). You should talk to your doctor about these triggers and find ways to avoid or get rid of them.

Did you know?

As many as 28% of hospitalized patients requiring mechanical ventilators to help them breathe (for more than 48 hours) will develop ventilator-associated pneumonia. Current therapy involves intravenous antibiotics, but new antibiotics that can be inhaled (and more directly treat the infection) are being developed.

Trig Degrees/Radians unit circle Trig Degrees/Radians unit circle
How to convert one unit of measurement to another unit (Part 1) How to convert one unit of measurement to another unit (Part 1)
How to perform conversions between units with prefixes ranging from pico to mega How to perform conversions between units with prefixes ranging from pico to mega
Overallocation of Labor to Farming When Farmworkers Are Paid Their Average Product Overallocation of Labor to Farming When Farmworkers Are Paid Their Average Product
Selling Today: Partnering to Create Value (Manning/Ahearne/Reece) Selling Today: Partnering to Create Value (Manning/Ahearne/Reece)
Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price. Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price.
Video: Parkinson's Disease

For a complete list of videos, visit our video library