A monopolist sets both price and quantity simultaneously, and the amount of output that it supplies depends
A. on both its average cost curve and the demand curve that it faces.
B. only on the marginal cost curve.
C. only on the demand curve.
D. on both its marginal cost curve and the demand curve that it faces.
Answer: D
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If the equilibrium price of a good decreases and the equilibrium quantity of the good decreases, we can conclude that
A) demand decreased. B) supply increased. C) demand increased. D) supply decreased.
If the import supply curve is horizontal at the world price:
A. a tariff will lower domestic aggregate surplus. B. a tariff will increase domestic aggregate surplus. C. a tariff will not change domestic aggregate surplus. D. a quota will increase domestic aggregate surplus.
Which of the following is a major pitfall to avoid when purchasing a home?
What will be an ideal response?
Figure 10.1 depicts a firm's marginal revenue product curve. If the firm maximizes its profit and the hourly wage is $12, how many hours of labor will the firm demand?
A. smaller than 30 hours B. between 30 hours and 40 hours C. between 40 hours and 50 hours D. greater than 50 hours