In the long run under monopoly,
a. the MC curve will lie to the left of the output at which AC and AR meet.
b. MC = MR = P.
c. MC = MR = AR.
d. the MC curve will lie to the right of the output at which AC and AR meet.
a
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In the nonstrategic view of bargaining
a. The first-mover usually gains more b. The second-mover usually gains more c. The gains are usually split evenly d. We can say little about how the gains are shared
Which of the following is true for a monopoly?
A. A price ceiling on a monopoly is always desirable and price does not equal marginal cost. B. A price ceiling on a monopoly is always desirable. C. Price does not equal marginal cost. D. A monopoly always makes a positive profit.
The law of diminishing marginal product is a statement
A. that concerns changes in profits. B. that concerns the long run. C. that relates to plant size. D. that concerns changes in variable input and changes in output.
The majority of business revenues earned in the United States are earned by
A) proprietorships. B) corporations. C) partnerships. D) cooperatives.