A profit-maximizing monopolist charges a price of $14 . The intersection of the marginal revenue curve and the marginal cost curve occurs where output is 15 units and marginal cost is $7 . What is the monopolist's profit?
a. $90
b. $105
c. $180
d. Not enough information is given to determine the answer.
d
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The short-run aggregate supply curve is vertical
Indicate whether the statement is true or false
Why might the use of more advanced technology not be a sufficient condition for sustained economic growth?
What will be an ideal response?
Firms may be tempted to cheat on cartel agreements by: a. raising both price and output
b. lowering both price and output. c. raising price and reducing output. d. lowering price and increasing output.
The Commodity Credit Corporation
a. advises farmers what goods to produce b. makes loans to farmers and accepts farm goods in repayment for the loan c. provides credit to farmers who cannot otherwise get credit from commercial banks d. buys farms goods directly from farmers and sells them to consumers e. provides cash payments to farmers who put their acreage into soil banks