A monopolist maximizes profits by finding
A) the rate of output where marginal revenue equals marginal cost.
B) the rate of output where price equals marginal cost.
C) the price where price exceeds marginal revenue by that largest amount.
D) the price where average revenue and marginal cost are equal.
A
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The evidence shows that the domestic and world markets for American cotton contributed to the spread of slavery into new lands
Indicate whether the statement is true or false
Wages often respond slowly to changes in output
a. True b. False
Jane was a partner at a law firm earning $223,000 per year. She left the firm to open her own law practice. In the first year of business she generated revenues of $347,000 and incurred explicit costs of $163,000 . Jane's economic profit from her first year in her own practice is
a. -$39,000. b. $124,000. c. $163,000. d. $184,000.
An economy recovering from a recession moves
A. down from its peak to a period of expansion. B. down from its trough to a period of depression. C. up from its trough to a period of expansion. D. up from its peak to a period of expansion.