« previous next »

Author Question: A monopolist charges 7 per unit for selling 6 units of his product. To sell 7 units, he reduces ... (Read 190 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?

According to the Migraine Research Foundation, migraines are the third most prevalent illness in the world. Women are most affected (18%), followed by children of both sexes (10%), and men (6%).

Did you know?

Serum cholesterol testing in adults is recommended every 1 to 5 years. People with diabetes and a family history of high cholesterol should be tested even more frequently.

Did you know?

When Gabriel Fahrenheit invented the first mercury thermometer, he called "zero degrees" the lowest temperature he was able to attain with a mixture of ice and salt. For the upper point of his scale, he used 96°, which he measured as normal human body temperature (we know it to be 98.6° today because of more accurate thermometers).

Did you know?

People with high total cholesterol have about two times the risk for heart disease as people with ideal levels.

Did you know?

The average office desk has 400 times more bacteria on it than a toilet.

On November 11, 1887, four anarchists were hanged in Chicago on charges that they had thrown a bomb On November 11, 1887, four anarchists were hanged in Chicago on charges that they had thrown a bomb
Patent medicines contained a name brand that clearly identified the product and claimed to cure just ... Patent medicines contained a name brand that clearly identified the product and claimed to cure just ...
A typical electric motor-driven AIR pump. This unit is on a Chevrolet Corvette and only works when ... A typical electric motor-driven AIR pump. This unit is on a Chevrolet Corvette and only works when ...
Importance of Considering Gestalt Principles in Product Design Importance of Considering Gestalt Principles in Product Design
To find the derivative use product rule To find the derivative use product rule
Neurons and glia: Neurons are the basic functional units of the brain Neurons and glia: Neurons are the basic functional units of the brain
Video: Introduction to Sickle Cell Anemia

For a complete list of videos, visit our video library