A monopoly will be maximizing profits if it is operating at the point where:
a. price is at a maximum.
b. average cost is at a minimum.
c. average cost is at a maximum.
d. marginal cost is at a minimum.
e. marginal revenue = marginal cost.
Question 2
Georgia has a MU/P of 10 for tennis lessons, a MU/P of 6 for sewing lessons, and a U/P of 2 for cooking lessons. In order to maximize utility, she should:
a. take more cooking lessons.
b. take more sewing lessons.
c. take more tennis lessons.
d. stay with her current choices.
e. take fewer lessons of each choice.
Location of point of maximum effort
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