Monopolies are inefficient because, at the profit-maximizing output level,
A) MC = MR.
B) MC does not equal MR.
C) MB = MC.
D) MB does not equal MC.
E) P = ATC.
D
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Which of the following is likely protected by copyright?
A) Your recipe for chocolate cake B) Your autobiography C) The color scheme for your house D) The names of your children
Scalping and other black market activities arise when
A) the prices of goods are allowed to adjust to their equilibrium levels. B) the quantities of goods demanded and supplied are allowed to adjust to their equilibrium levels. C) the prices of goods are restricted to levels above equilibrium prices. D) the prices of goods are restricted to levels below equilibrium prices.
By seeking economic profit, managers are seeking to create value
Indicate whether the statement is true or false
If ABC and XYZ operate to jointly maximize profits and agree to share the profit equally, then how much profit will each of them earn?
a. $450
b. $250
c. $105
d. $125