Figure 11-7
For the firm in Figure 11-7, an unregulated monopolist, profit-maximizing output is below the long-run competitive level by how much?
A. 100
B. 75
C. 50
D. 25
Answer: D
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Marginal cost is ____________
a. The revenue from selling an additional unit of output b. none of the above c. The total cost of production d. The cost of producing an additional unit of output
Product differentiation plays an important role in perfect competition
Indicate whether the statement is true or false
Prices usually allocate resources efficiently because they allocate
A. consumption to the highest cost of good or service.
B. resources to the lowest value good or service.
C. consumption to the lowest value good or service.
D. resources to the highest value good or service.
In the above table, the cross price elasticity of demand (using averages) for C with good A, when PA increases from $12 to $15, is approximately equal to
A. +1.03 B. +0.44. C. -0.44. D. +2.26.