If at an output of 10 units a monopolist is earning a positive profit, marginal revenue is $6, and marginal cost is $4, then the monopolist:
a. is in equilibrium.
b. should increase output.
c. should reduce output.
d. should lower the price at the current output level.
e. should raise the price at the current output level.
b
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Refer to Table 8-30. Based on the table above, what is personal income for this economy?
A) $1,950 billion B) $2,030 billion C) $2,450 billion D) $5,130 billion
International equilibrium occurs if the quantity of imports demanded by one country is equal to the quantity of exports supplied by the other country
a. True b. False Indicate whether the statement is true or false
A normative statement deals with:
A) the facts. B) what was, is, or will be. C) what ought to be. D) the scientific method
Marginal revenue product (MRP) of labor refers to the:
A. increase in total revenue resulting from the sale of an additional unit of output. B. amount by which a firm's total resource cost increases when it employs one more unit of labor. C. increase in total revenue resulting from the hire of one more unit of labor. D. price at which additional units of labor can be employed in a monopsonized labor market.