Which of the following conditions is TRUE for a monopolist?
A. MR = P
B. MR < P
C. MR = AFC
D. MR < AVC
Answer: B
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The marginal cost (MC) curve intersects the
A) ATC, AVC, and AFC curves at their minimum points. B) ATC and AFC curves at their minimum points. C) AVC and AFC curves at their minimum points. D) ATC and AVC curves at their minimum points.
Undervaluing of opportunity cost sometimes occurs because:
A. the opportunity cost is easy to visualize. B. the benefit is difficult to visualize. C. the opportunity cost is hard to visualize. D. opportunity cost is just theoretical.
Which of the following best defines dollarization?
A. A country uses the U.S. dollar as well as its currency for all transactions. B. A country adopts a foreign currency for all transactions basically eliminating its own monetary policy. C. The central bank of a country agrees to exchange its own currency for U.S. dollars at a fixed exchange rate. D. A country eliminates its own currency for international transactions and requires that all international transactions be conducted in U.S. dollars.
Which of the following can be used as money?
A. checks B. cigarettes C. precious stones D. All of these