The profit maximizing rule MR = MC applies to:
A. imperfectly competitive firms only.
B. monopolists only.
C. all firms.
D. perfectly competitive firms only.
Answer: C
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A) excludable and rival B) non-excludable and non-rival C) excludable but non-rival D) non-excludable but rival
The above figure shows the apartment market in Big City. What could the Big City Housing Authority do if it wants to reduce the rents paid by its citizens?
A) impose a rent floor above $1350 B) impose a rent floor below $1350 C) impose a rent ceiling above $1350 D) impose a rent ceiling below $1350
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