In the above figure, the profit-maximizing output for this single-price monopoly is ________ units and the price is ________
A) 200; $10
B) 300; $20
C) 500; $50
D) 200; $30
E) 300; $30
D
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"To be useful, a model must be completely realistic." Evaluate
What will be an ideal response?
Which of the following would cause the demand for labor to change?
a. changes in the supply curve of labor b. changes in the workers' opportunity costs c. changes in the wage rate d. movements along the demand curve for labor e. changes in the price of the good
Which will cause a larger short-run increase in prices: an anticipated or unanticipated increase in aggregate demand? Will they cause the same increase in prices in the long run?
What do economists call the quantity of labor at the level where supply and demand meet?
a. marginal employment level (C*) b. full employment level (E*) c. equilibrium wage level (W*) d. equilibrium employment level (Q*)