For the monopoly shown in the figure above, the profit maximizing output is
A) 4 units per day.
B) 5 units per day.
C) 6 units per day.
D) 10 units per day.
A
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Use the following graph showing the average total cost curve for a perfectly competitive firm to answer the next question.
At the long-run equilibrium level of output, this firm's profit
A. is $400. B. is zero. C. is $200. D. cannot be determined from the information provided.
To maximize its profit, a perfectly competitive firm produces so that ________ and a single-price monopoly produces so that ________
A) MR = MC; MR > MC B) MR > MC; MR = MC C) MR = MC; MR = MC D) MR > MC; MR > MC E) P = ATC; P = ATC
Consumer surplus is the difference between the highest price someone is willing to pay for a product and the price he actually pays for the product
Indicate whether the statement is true or false
Bank A has $25,500 in required reserves. The required reserve ratio is 10 percent. Bank A has checkable deposits of
A) $2,550. B) $255,000. C) $2,550,000. D) $25,500.