A monopolist maximizes profit by producing the output at which marginal revenue equals marginal cost.
Answer the following statement true (T) or false (F)
True
You might also like to view...
Which of the following is not a reason to expect the slope of a consumer's indifference curve for current and future consumption to be greater than 1 with an endowment along the 45° line?
a. People are naturally impatient. b. One is never sure if he will be alive in the future. c. A unit consumed today offers memories of consumption into the future. d. A decline in interest rates.
An individual's labor-supply curve reveals how he or she chooses to allocate
a. limited dollars between luxuries and necessities. b. scarce money between goods and services. c. scarce time between labor and leisure. d. limited time between work at one job and work at another.
Why are there actually relatively few markets in which there is perfect competition?
(A) Buyers will not pay more for perfect competition. (B) High prices keep companies in the market longer than necessary. (C) Barriers keep companies from entering the market freely. (D) Lack of demand keeps buyers from the market.
Greater labor force participation for households at higher real wage rate is one reason that
A) the demand for labor curve is upward sloping. B) the demand for labor curve is downward sloping. C) the supply of labor curve is upward sloping. D) the supply of labor curve is downward sloping.