If a monopolist's price is $50 at 63 units of output and marginal revenue equals marginal cost, and average total cost equals $43, then the firm's total profit is
A) $3,150. B) $2,709. C) $441. D) $7.
C
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Which of the following is not considered a rationale for the intervention of government in the market process in the United States?
A) the redistribution of income B) the reallocation of resources C) the long-run planning of scarce resources D) the short-run stabilization of prices E) All of the above
Which of the following is a characteristic of perfect competition?
a. substantial barriers to entry b. differentiated products c. few sellers d. none of the above
In the United States, the money supply (M1) is comprised of:
A. coins, paper currency, and checkable deposits. B. currency, checkable deposits, and Series E bonds. C. coins, paper currency, checkable deposits, and credit balances with brokers. D. paper currency, coins, gold certificates, and time deposits.
Factors of production are:
A.) the laws that regulate manufacturers. B.) the technological innovations available to companies. C.) the resources used to create output. D.) the waste left over after goods are produced.