The marginal revenue curve for a monopolist is
a. always above the demand curve.
b. generally below the average cost curve.
c. always above the average revenue curve.
d. always below the demand curve.
d
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Which of the following factors are held constant for a given demand curve for a good?
A. The price of the good B. The technology used to produce the good C. The supply of the good D. Consumer incomes and the prices of other goods
Because of assortative mating, wealth becomes ________ and the distribution of wealth becomes more ________
A) more concentrated in a small number of families; equal B) more concentrated in a small number of families; unequal C) spread out among more families; equal D) spread out among more families; unequal
In the short run, if a firm's price is greater than its AVC but less than its ATC, the firm should:
a. shut down immediately because it is generating an economic loss. b. shut down temporarily because it is generating an economic loss. c. continue operating because it is generating an economic profit. d. continue operating even though it is generating an economic loss.
A perfect competitive firm maximizes profits by producing that output where P = MC. (Hint: consider the relationship between P and MR for a perfectly competitive firm).
a. true b. false