The profit-maximizing monopolist, faced with a negative-sloping demand curve, will always produce:
a. at an output greater than the output where average costs are minimized
b. at an output short of that output where average costs are minimized
c. at an output equal to industry output under pure competition
d. a and c
e. none of the above
b
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The Balance of Payments always balances
Indicate whether the statement is true or false
A perfectly competitive firm in the short-run maximizes its profit by producing the output where:
a. marginal cost equals price. b. marginal cost equals marginal revenue. c. total revenue minus total cost is at a maximum. d. all of these.
The value of Best Bank's accounting profits was $35 million.
a. $1,000 b. $100 c. $10 d. $1
The Interstate Commerce Commission (ICC) was established in 1887 to regulate:
A. banking. B. railroads and all surface transportation. C. nationwide advertising. D. interstate sales of food and drugs.