Assuming the monopolist shown in the graph adjusts output to maximize profits, it is
A. earning profits in the short-run.
B. having losses in the short-run.
C. earning profits in the long-run.
D. earning profits and could be in the short-run or long-run.
D. earning profits and could be in the short-run or long-run.
You might also like to view...
What economic problems persist in Latin America? How has this shaped recent policy in the region and why are changes particularly challenging?
What will be an ideal response?
Liberalism aims to raise the welfare of the worst-off person in society. This rule is called the
a. minimax regret criterion. b. conservative approach. c. Nozick criterion. d. maximin criterion.
The explicit costs of an item include all of those things that must be forgone to acquire that item
a. true b. false
In order to maximise tax revenue, which of the following goods should the government choose to put a higher rate of VAT?
(a) St Bernard cornflakes with a PED value of -8.0. (b) Eggs with a PED value of -0.4. (c) Frozen vegetables with a PED value of -2.8. (d) Aldi milk with a PED value of -4.0.