A monopolist's price equals its ________ only when output is zero.
A. total cost
B. marginal revenue
C. marginal cost
D. total revenue
Answer: B
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Which of the following statements is FALSE regarding the definition of poverty?
A) A threshold income level is used to define poverty. B) Adjustments to the poverty level are made on the basis of changes in the Consumer Price Index. C) Real incomes in the United States have been growing at a compounded annual rate of almost 2 percent per capita. D) Poverty cannot be defined in relative terms.
Which of the following is an example of using the scientific method with a natural experiment?
a. measuring how long it takes a marble to fall from a ten story building b. comparing plant growth with and without a soil additive c. tracking the price of oil when a war in the Middle East interrupts the flow of crude oil d. observing the reaction when two chemicals are mixed together
Since a monopolist faces a downward sloping demand curve,
a. the monopolist is able to sell all that it wants at whatever price the monopolist chooses. b. it is necessary for the monopolist to lower the price to sell additional units of the good. c. the monopolist sells only a fraction of the total sales of the good in the market d. the monopolist must always make an economic profit.
For a monopoly, the marginal revenue curve ________ its demand curve.
A. is the same as B. is below C. is above D. has no relation to