Author Question: Pure economic profit must be at a maximum for a monopolist who has a level of output in which total ... (Read 71 times)

asd123 · **on:** Jun 30, 2018

Pure economic profit must be at a maximum for a monopolist who has a level of output in which total revenue is at a maximum.
a. True
b. False
Indicate whether the statement is true or false

Question 2

The substitution effect is the concept that changes in consumption of a good result from changes in the relative price of a jointly consumed good.
a. True
b. False
Indicate whether the statement is true or false