A monopolist picks the quantity of output at which price equals marginal cost.
Answer the following statement true (T) or false (F)
False
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A modern example of privatizing a common resource is:
A. patents. B. quotas. C. taxes. D. subsidies.
Suppose everyone in a town prefers spending on improved public transportation systems instead of public parks, and prefers spending on public parks instead of building a public zoo. A voting system that would ensure that zoo funding would never beat spending on transportation would demonstrate which criteria for an ideal voting system?
A. No dictator B. Transitivity C. Independence of irrelevant alternatives D. Unanimity
In monopolistically competitive market structure, because each good sold in the market is ____, each firm is considered a ____
a. slightly different; price maker b. slightly different; price taker c. the same; price maker d. the same; price taker
If Julia deposits $2,000 (which she has until now kept in her closet as cash) in her savings account, then the M1 money supply will decrease
a. True b. False Indicate whether the statement is true or false