A profit-maximizing monopolist that produces in the short run will
a. produce the level of output where marginal revenue exceeds marginal cost by the largest amount.
b. increase output as long as the marginal revenue exceeds the marginal cost of producing that unit.
c. produce the level of output where average total cost is at a minimum.
d. increase price as long as the average revenue exceeds the average total cost.
e. produce the level of output where average revenue exceeds average total cost by the largest amount.
B
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A barter exchange
A) always takes place without greed on behalf of the trading parties. B) takes place without money. C) tends to have lower transaction costs compared to exchanges using money. D) is characterized by all of the above.
If the loss-minimizing output for a perfectly competitive firm is zero, then, at all other output levels,
a. price must be greater than average variable cost b. the marginal cost curve must slope downward c. marginal cost is less than marginal revenue d. total revenue is less than total variable cost e. total revenue is less than average variable cost
Which of the following best describes the effects of trade surpluses and trade deficits for an economy?
a. Trade surpluses and trade deficits can be beneficial for an economy in certain circumstances. b. Trade surpluses and trade deficits can be harmful for an economy in certain circumstances. c. Trade surpluses and trade deficits can be beneficial or harmful for an economy in certain circumstances. d. Trade surpluses and trade deficits can be both beneficial and harmful for an economy in certain circumstances.
Inclusive union strategy involves
A. increasing the demand for the final product, thereby increasing the demand for labor. B. restricting the supply of union labor. C. setting job standards and entry qualifications for members. D. organizing all workers in a particular craft or industry and bargaining for a wage.