A monopolist maximizes profits by producing where which of the following occur?
a. MC = P
b. AC = P
c. MC = MR
d. AC = AR
c
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Ben's cost of making an additional rocking chair is $75
A) If he sells it for a $100, his producer surplus is $25. B) His marginal cost is equal to $75. C) The marginal benefit to the consumer from the chair will be $75. D) Both answers A and B are correct. E) Both answers B and C are correct.
Why is a tax inefficient?
What will be an ideal response?
An index, based on a telephone survey of 500 households conducted by the University of Michigan, that measures households' attitudes regarding expected business conditions, personal financial conditions, an consumer confidence about purchasing
furniture and major household appliances is called the: A) Consumer Sentiment Index. B) Consumer Confidence Index. C) Consumer Satisfaction Index. D) Consumer Consumption Index.
Transfer earning is the minimum amount that has to be paid to a factor to allocate it in its next best alternative use
a. True b. False Indicate whether the statement is true or false