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Author Question: Profit-maximizing monopolists choose a level of output such that: a. average total cost is ... (Read 102 times)

oliviahorn72

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on: Jun 30, 2018
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.


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otokexnaru

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Reply #1 on: Jun 30, 2018
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

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Reply 2 on: Jun 30, 2018
:D TYSM

irishcancer18

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Reply 3 on: Yesterday
Excellent

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