For the output maximizing monopolist
A. long-run marginal cost equals demand.
B. marginal revenue equals marginal cost.
C. price equals average total cost.
D. average total cost must be falling.
Answer: C
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Which is the most accurate statement?
A. Doctors' incomes are high because the demand for their services is high relative to the supply. B. Doctors' incomes are high because the supply of their services is high relative to the demand. C. Doctors' incomes are low because the demand for their services is high relative to the supply. D. Doctors' incomes are low because the supply of their services is high relative to the demand.
A person earning $300,000 would pay Social Security tax on
A. none of her income. B. all of her income. C. nearly all of her income. D. less than half of her income.
Long-run economic profits would most likely exist in which market structure?
A) monopoly, monopolistic competition, and oligopoly B) monopoly and oligopoly C) monopoly and monopolistic competition D) monopoly only
Refer to the table. A decrease in the interest rate not caused by a change in the price level would:
Answer the question on the basis of the following table for a particular country in which C is
consumption expenditures, I g is gross investment expenditures, G is government expenditures,
X is exports, and M is imports. All figures are in billions of dollars. Each question is
independent of other question using the same table, unless otherwise stated.
A. increase the values in column (3) and increase aggregate demand.
B. decrease the values in column (3) and increase aggregate demand.
C. increase the values in column (2) and decrease aggregate demand.
D. decrease the values in column (2) and decrease aggregate demand.