A monopolist will shut down in the short run if:
a. price exceeds marginal revenue
b. price is less than marginal revenue.
c. price is less than average total cost.
d. price is less than average variable cost.
d
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Refer to Figure 8.1. If Charla and Mirna agree to pay each other $350 to install the pollution-control device on their heating systems, the dominant strategy for the players would be for Charla to play ________ and for Mirna to play ________
A) Install; Install B) Install; Don't Install C) Don't Install; Install D) Don't Install; Don't Install
Decision control is made up of
A. initiation and ratification of projects. B. ratification and monitoring of projects. C. implementation and monitoring of projects. D. initiation and implementation of projects.
A(n) ____ can be used to demonstrate why a competitive oligopoly tends to result in a low-price strategy that does not maximize mutual profits.
A. interdependence index B. gini coefficient C. herfindahl index D. payoff matrix
Refer to Figure 18-5. The middle 20 percent of households
A) earn 20 percent of the society's total income. B) earn 36 percent of the society's total income. C) earn 48 percent of the society's total income. D) earn 50 percent of the society's total income.