In the above figure, if the monopolist engages in marginal cost pricing, what are its output and price?
A) 1,200, $3
B) 900, $7
C) 700, $7
D) 700, $10
A
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Refer to Table 2-7. Which of the following statements is true?
A) Minnie has an absolute advantage in making umbrellas and Mickey in making hats. B) Minnie has an absolute advantage in making both products. C) Minnie has an absolute advantage in making hats and Mickey in making umbrellas. D) Mickey has an absolute advantage in making both products.
An indication that Insurance companies anticipate adverse selection is
a. they do not require a deductible b. they do not classify clients into different risk types according to their claim history c. they do not classify clients into different risk types according to pre-existing conditions d. they require a co-payment
In the simple Keynesian Cross model, the equilibrium level of real disposable income is determined by: a. the real interest rate
b. prices. c. aggregate expenditures. d. aggregate supply.
Efficiency means everyone in the economy should receive an equal share of the goods and services produced
a. True b. False Indicate whether the statement is true or false