For a monopolist to maximize profits, its
A) price exceeds marginal cost.
B) price equals marginal revenue.
C) price equals average total cost.
D) marginal revenue exceeds price.
Answer: A
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Answer the next question on the basis of the following data.OutputTotal Cost0$24133241348454561669The marginal cost associated with the production of the sixth unit of output is
A. $12. B. $8. C. $24. D. $16.
If a tax is imposed per unit of a good sold, ________
A) the supply curve for the good shifts to the right B) the supply curve for the good shifts to the left C) the demand curve for the good shifts to the right D) the demand curve for the good shifts to the left
For a risk-averse individual, marginal utility of income does not diminish.
Answer the following statement true (T) or false (F)
According to Classical economists, if the quantity of labor supplied exceeds the quantity demanded, there is a
A. shortage of labor and wages will fall. B. surplus of labor and wages will fall. C. surplus of labor and wages will rise. D. shortage of labor and wages will rise.