If MC > MR,
a. output should be reduced.
b. marginal profit is positive.
c. there are losses.
d. output should be increased.
a
You might also like to view...
Real GDP is $9 trillion in the current year and $8.6 trillion in the previous year. The economic growth rate between these years has been
A) 5.67 percent. B) 4.65 percent. C) 10.31 percent. D) 7.67 percent. E) $0.4 trillion.
If a monopoly firm sells to competitive distributors and the distributors have a constant marginal cost of $4 and they are charging the profit-maximizing retail price of $12, what is wholesale price of the product?
A) $16 B) $4 C) $8 D) $12
A lower price elasticity of demand coefficient occurs when:
a. many substitutes exist. b. the quantity demanded is more responsive. c. few substitutes exist. d. the market is broadly defined.
Having government-issued money makes it easier for policymakers to
A. guide and control the economy. B. keep wages high in certain key industries. C. completely prevent inflation. D. keep oil prices stable.