To earn an economic profit in the short-run, a monopolist sets marginal revenue equal to zero
a. True
b. False
Indicate whether the statement is true or false
False
You might also like to view...
Diminishing returns means that
A) each additional unit of labor produces successively more real GDP. B) hiring more labor must lower the real wage rate. C) each extra unit of real GDP produced requires less labor. D) hiring more labor results in less real GDP. E) each additional unit of labor produces successively less real GDP.
The above figure shows the U.S. market for 1 carat diamonds. Area A is the
A) increase in producer surplus due to the import quota. B) importers' profit from the import quota. C) decrease in consumer surplus due to the import quota. D) deadweight loss from the import quota. E) gain in total surplus due to the import quota.
Attending college is a case where the ________________ exceeds the monetary cost.
A. budget constraint B. marginal analysis C. opportunity cost D. marginal utility
Observations of inflation in the 1970s prompted what further addition to the Phillips curve?
A) price shocks B) expected inflation C) personal consumption expenditures D) all of the above E) none of the above