Refer to Scenario 12.2. Suppose that the marginal cost increases such that:
MC = Q + 10
What is the profit maximizing level of output?
A) 171.43
B) 120
C) 150
D) all of the above
E) none of the above
Question 2
For computers and other business equipment, small changes in business earnings tend to generate relatively large short-run changes in the demand for this equipment, and the long-run income response tends to be smaller.
Industries that face demand behavior of this type are known as: A) natural monopolies.
B) cartels.
C) cyclical industries.
D) constant-cost industries.
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