Profit-maximizing monopolists choose a level of output such that: ...

[oliviahorn72]

Profit-maximizing monopolists choose a level of output such that:
 a. average total cost is minimized.
 b. price equals marginal revenue but exceeds average variable cost.
  c. price equals marginal cost but exceeds average variable cost.
 d. marginal revenue equals marginal cost.

Question 2

Define opportunity cost.

[otokexnaru]

Answer to Question 1

d

Answer to Question 2

Opportunity cost of any action is the most valuable alternative forgone by the decision maker. For example, the opportunity cost of self-financing your business is the return on your best alternative investment.

[oliviahorn72]

Excellent

[nguyenhoanhat]

Thanks for the timely response, appreciate it