In the long run, equilibrium for a monopolist is when
A. the short-run and long-run average cost curves are at their lowest points.
B. the short-run average cost curve is at its lowest point.
C. the long-run average cost curve is at its lowest point.
D. None of these is necessarily true.
Answer: D
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Use the following table to answer the question below.Price per UnitQuantity Demanded per YearQuantity Supplied per Year$52,0000101,800300151,600600201,400900251,2001,200301,0001,500A surplus of 500 units will occur when the price is
A. $30 per unit. B. $15 per unit. C. $20 per unit. D. $10 per unit.
In the above figure, the most efficient way to produce 10 units is to hire
A) 1 worker. B) 2 workers. C) 3 workers. D) 5 workers.
Happy Campers is competing in the camping market with Camping R Us. Happy Campers drops its price below its cost and, in doing so, drives Camping R Us out of the market. Once Happy Campers is a monopoly, they raise their price and enjoy economic profit. This is an example of ________.
A) market division B) resale price maintenance C) bid rigging D) predatory pricing
The band Coldplay's funding of 10,000 mango trees in India to help sop up emissions related to the release of their CD, A Rush of Blood to the Head, is an example of fixed-production technology
a. True b. False