A monopolist is a price maker.
Answer the following statement true (T) or false (F)
True
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In comparison to the oversimplified formula for the multiplier, the real-world multiplier is
a. lower. b. higher. c. almost equal to it. d. higher if taxes are included.
An economy is producing at the least-cost rate of production when:
A. marginal cost is greater than average total cost. B. price and marginal revenue are equal. C. price and the minimum average cost are equal. D. marginal revenue is greater than price.
To the economist, total cost includes:
A. explicit and implicit costs. B. neither implicit nor explicit costs. C. implicit, but not explicit, costs. D. explicit, but not implicit, costs.
Perfectly competitive firms maximize their profit by producing the output level where P = MR = AVC.
Answer the following statement true (T) or false (F)