A monopolist's average revenue is always
a. equal to marginal revenue.
b. greater than the price of its product.
c. equal to the price of its product.
d. less than the price of its product.
c
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A free-rider problem exists if
A) those consuming the good pay more than the cost of providing the good so that the producer's profits increase ("free ride") as a result of the overpayment. B) those consuming the good pay nothing for it. C) two consumers can jointly consume a good, which lowers the price per person. D) a firm can obtain technology at a fair price.
The United States has greater income disparity than
a. Japan. b. India. c. South Africa. d. Both a and b are correct.
If money is moved from a consumer checking account into a consumer savings account,
A. M1 and M2 both remain unchanged. B. M1 decreases and M2 remains unchanged. C. M1 and M2 both increase. D. M1 increases and M2 decreases.
Which of the following describes a positive externality?
A) John Henry paints the outside of his house in order to increase its market value just before he puts the house up for sale. B) People who do not attend college still benefit from others who receive a college education. C) The government imposes a tax on cigarettes in order to discourage smoking among teenagers. D) Mary volunteers to drive her neighbor's children to soccer practice.