To maximize profit a monopolist will produce where
A) marginal revenue is equal to marginal cost. B) average total cost is equal to average revenue.
C) demand for its product is unit elastic. D) revenue per unit is maximized.
A
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$100 is to be divided among two individuals—Mary and Jenna. Which of the following allocations is Pareto efficient?
A) Mary receives $45, and Jenna receives $45. B) Mary receives $20, and Jenna receives $75. C) Mary receives $1, and Jenna receives $99. D) Mary receives $90, and Jenna receives $9.
The Fed has been called "the lender of last resort" because it
A) is the biggest bank in the country. B) is the only lender to the federal government. C) serves as the last place to acquire loans for banks suffering cash management, or liquidity, problems. D) a and b E) all of the above
A recent study indicated that "Stricter college alcohol policies such as raising the price of alcohol, or banning alcohol on campus, decreases the number of students who use marijuana"
This indicates that the cross-price elasticity between alcohol and marijuana is positive. Indicate whether the statement is true or false
It has been said that "underdevelopment is a state of mind." Comment
What will be an ideal response?