For a monopolist
A) marginal revenue is equal to price for all units being sold.
B) marginal revenue is less than price for all units being sold except the first unit.
C) marginal revenue is greater than price for all units being sold except for the first unit.
D) there is no relationship between marginal revenue and price.
Answer: B
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Which of the following might be considered an automatic fiscal stabilizer?
A) government spending for the war effort B) 401(k) retirement program C) government budgeting for education D) unemployment compensation
The above figure shows the market for DVDs. The government decides that all citizens deserve to watch affordable DVDs so a price ceiling of $12 per DVD is placed on DVDs. After this price ceiling is in effect, deadweight loss equals ________
A) $1,600,000 B) $200,000 C) $800,000 D) $1,800,000 E) $400,000
Which of the following is poorest country?
A) Canada B) Mexico C) Haiti D) New Orleans
Microeconomics is defined as that part of economic analysis that
A) studies the behavior of the economy as a whole. B) includes the problems of inflation and unemployment. C) studies individual decision making by households and firms. D) concerns aggregate production and consumption.