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 42 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 U.S. Pharmacopeia Medication Errors Reporting Program states that approximately 50% of all medication errors involve insulin.

Did you know?

The strongest synthetic topical retinoid drug available, tazarotene, is used to treat sun-damaged skin, acne, and psoriasis.

Did you know?

The average person is easily confused by the terms pharmaceutics and pharmacology, thinking they are one and the same. Whereas pharmaceutics is the science of preparing and dispensing drugs (otherwise known as the science of pharmacy), pharmacology is the study of medications.

Did you know?

Eating carrots will improve your eyesight. Carrots are high in vitamin A (retinol), which is essential for good vision. It can also be found in milk, cheese, egg yolks, and liver.

Did you know?

Drug-induced pharmacodynamic effects manifested in older adults include drug-induced renal toxicity, which can be a major factor when these adults are experiencing other kidney problems.

A graphical representation of the marginal value theorem. A graphical representation of the marginal value theorem.
true story true story
Marginal Supply - Demand Curve Marginal Supply - Demand Curve
The net price of an article is $79.84. What is the list price if a discount of 23% was allowed? The net price of an article is $79.84. What is the list price if a discount of 23% was allowed?
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 ...
Last year, Terrific Copying had total revenue of $475 000, while operating at 60% of capacity. ... Last year, Terrific Copying had total revenue of $475 000, while operating at 60% of capacity. ...
Video: Heart Chambers

For a complete list of videos, visit our video library