This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Which of the following is true for the monopolist? a. Marginal revenue is less than the price ... (Read 44 times)

Lobcity

  • Hero Member
  • *****
  • Posts: 524
on: Jun 30, 2018
Which of the following is true for the monopolist?
 a. Marginal revenue is less than the price charged.
  b. Economic profit is possible in the long-run.
  c. Profit maximizing or loss minimizing occurs when marginal revenue equals marginal cost.
  d. All of the above.
  e. None of the above.

Question 2

If a consumer is maximizing his/her utility for a given income, the:
 a. marginal utility for every good purchased would be the same.
  b. marginal utility per dollar spent for all goods would be the same.
  c. marginal utility per dollar for all goods would be at a maximum.
  d. total expenditure on each good would be the same.
  e. number of units of each good consumed would be the same.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

smrtceo

  • Sr. Member
  • ****
  • Posts: 344
Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

b


Lobcity

  • Hero Member
  • *****
  • Posts: 524
Reply #2 on: Jun 30, 2018
Correct answers!


smrtceo

  • Sr. Member
  • ****
  • Posts: 344
Reply #3 on: Jun 30, 2018
Great! Please up vote :D


« previous next »
 

Did you know?

The first successful kidney transplant was performed in 1954 and occurred in Boston. A kidney from an identical twin was transplanted into his dying brother's body and was not rejected because it did not appear foreign to his body.

Did you know?

About 3.2 billion people, nearly half the world population, are at risk for malaria. In 2015, there are about 214 million malaria cases and an estimated 438,000 malaria deaths.

Did you know?

There are more sensory neurons in the tongue than in any other part of the body.

Did you know?

The B-complex vitamins and vitamin C are not stored in the body and must be replaced each day.

Did you know?

Eating food that has been cooked with poppy seeds may cause you to fail a drug screening test, because the seeds contain enough opiate alkaloids to register as a positive.

Apparent and True Orbits of Alpha Centauri. Apparent and True Orbits of Alpha Centauri.
Wheat and Cotton Prices and Consumer Price Indexes, 1865–1896 Wheat and Cotton Prices and Consumer Price Indexes, 1865–1896
Your company advertises all prices on the menu board as a final price, including HST of 13%. A ... Your company advertises all prices on the menu board as a final price, including HST of 13%. A ...
The retail price of a packaged CD is $60.00, which includes a tax of 4%. What is the actual ... The retail price of a packaged CD is $60.00, which includes a tax of 4%. What is the actual ...
Refer to Scenario 3.1. If the price of potato chips is $0.50 and the price of Cola is $4.00, ... Refer to Scenario 3.1. If the price of potato chips is $0.50 and the price of Cola is $4.00, ...
Video: Dissociative Disorders (Part 3)

For a complete list of videos, visit our video library