Using the information in the table shown, the average revenue for this firm:
This table represents the revenues faced by a monopolist.
A. decreases as output increases.
B. increases as output increases.
C. remains constant regardless of level of output.
D. is maximized when total revenue is maximized.
A. decreases as output increases.
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Following adjustments to a new equilibrium in a market, the market clearing price remains unchanged, but the equilibrium quantity is now lower. Which of the following could definitely have caused this outcome?
A) Demand and supply both increased. B) Demand and supply both decreased. C) Demand increased, and supply decreased. D) Demand decreased, and supply increased.
BlueLake, Inc pays a $100,000 a month to use land for a resort. This is an example of a(n) ______.
a. factor payment b. transfer payment c. nonfixed payment d. appreciation payment
The demand for a particular good depends on variables such as:
A. consumer income. B. price of substitutes. C. price of complements. D. All of these.
When a monopolist is ________, it has equated marginal revenue and marginal cost.
A. breaking even B. producing efficiently C. maximizing its total revenue D. maximizing profits