For a monopoly, when marginal revenue is zero:
A. marginal revenue is minimized.
B. total revenue is maximized.
C. profits are maximized.
D. marginal costs are minimized.
Answer: B
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Indicate whether the statement is true or false
Ted quits his $60,000-a-year job to be a stay-at-home dad. What is the opportunity cost of his decision?
A) the value he attributes to the joy of parenting B) at least $60,000 C) zero, since he will no longer be earning a salary D) depends on the "going rate" for stay-at-home dads
Describe the fractional reserve banking system
What will be an ideal response?
A bowed production possibilities curve is consistent with
A) an unchanged opportunity cost. B) a technologically inefficient society. C) the underutilization of productive resources. D) highly specialized resources.