If a monopolist's price were $8, it is likely that in equilibrium
A. MC = MR, and both are less than $8.
B. MC = MR, and both are more than $8.
C. MC = MR, and both are equal to $8.
D. None of the choices are correct.
A. MC = MR, and both are less than $8.
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The U.S. dollar will appreciate in value if
A) the demand curve for U.S. dollars shifts rightward. B) the demand curve for U.S. dollars shifts leftward. C) the supply curve of U.S. dollars shifts rightward. D) Americans choose to buy more foreign goods.
Efforts by a firm to obtain a monopoly
A) are called price discrimination. B) increase consumer surplus. C) are called rent seeking. D) are called price taking.
Refer to Figure 11-4. Within a country, the impact of wars and revolutions and their subsequent destruction of capital is reflected in the per-worker production function in the figure above by a movement from
A) B to A. B) E to B. C) B to C. D) A to C.
The poverty rate is the percentage of the population that have a family income level below the
a. income maintenance threshold. b. poverty line. c. bottom quintile of the income distribution. d. minimum wage.