The marginal revenue curve of a perfectly price-discriminating monopolist
a. coincides with the marginal cost curve
b. lies below the market demand curve
c. coincides with the market demand curve
d. is a horizontal line through the midpoint of the market demand curve
e. does not exist
C
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The Fed ________ influence the real interest rate in the short run and ________ influence the real interest rate in the long run
A) can; can B) cannot; can C) might be able to; might be able to D) cannot; cannot E) can; cannot
An open outcry auction is an auction where ________
A) bids are placed privately B) public goods are sold C) bidders know about each other's bids D) free goods are distributed among the general public
A tariff differs from a quota in that a tariff is:
A. levied on imports, whereas a quota is imposed on exports. B. levied on exports, whereas a quota is imposed on imports. C. a tax levied on exports, whereas a quota is a limit on the number of units of a good that can be exported. D. a tax imposed on imports, whereas a quota is an absolute limit to the number of units of a good that can be imported.
If a monopolistic competitor is maximizing profit, it is producing at a point where marginal cost
A. Equals average total cost. B. Equals price. C. Is less than price. D. Is greater than price.