In a monopoly, the market demand curve is
A. nonexistent.
B. the same as the demand curve facing the firm.
C. the summation of all the individual firm's cost curves.
D. the marginal cost curve above minimum average variable cost.
Answer: B
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To maximize overall profit in peak-load pricing, managers must determine ________ capacity that maximizes ________ season profit.
A) long-run; peak- B) short-run; peak- C) long-run; off-peak D) short-run; off-peak
The number of the countries of the world classified as a less developed country (LDC) is about:
a. 50. b. 75. c. 100. d. 150. e. 300.
The more good substitutes there are for a product, the more likely it is that the total revenue for the good in question would increase as a result of an increase in price
a. True b. False Indicate whether the statement is true or false
A young chef is considering opening his own sushi bar. To do so, he would have to quit his current job, which pays $20,000 a year, and take over a store building that he owns and currently rents to his brother for $6,000 a year. His expenses at the sushi bar would be $50,000 for food and $2,000 for gas and electricity. What is the sum of his explicit costs?
A. $26,000. B. $66,000. C. $78,000. D. $52,000.