Suppose the table below describes the relationship between price and quantity demanded for a monopolist.QuantityPrice1$102$93$84$75$66$57$48$3 If the marginal cost of producing each unit of output is $5, the at the monopolist's profit-maximizing level of output, the monopolist produces ________ units of output than is socially optimal.
A. 3 more
B. 2 fewer
C. 1 more
D. 3 fewer
Answer: A
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All grapefruit juice producers have decided to blend tangerine juice with the grapefruit juice. This blend results in a higher cost of production, but studies show that consumers prefer the taste of the blend to straight grapefruit juice
What will happen to the equilibrium price and quantity of the new "blended" grapefruit juice now that it costs more to produce but consumers like it better? A) The price rises and the quantity increases. B) The price falls and the quantity increases. C) The effect on the price is uncertain but the quantity increases. D) The price rises, but the effect on the quantity is uncertain.
"Ceteris paribus" refers to the idea that if more than two variables are graphed, only one variable must be held constant
Indicate whether the statement is true or false
If Macland’s growth rate is consistently 8 percent, how many years will it take to double its standard of living?
a. 2 years b. 8 years c. 9 years d. 12 years
Which of the following is an example of capital income?
A) Wage paid to a worker B) Interest earned on money lent out C) Free lunch at work D) Free parking space in a mall