A monopolist will always equate marginal revenue and marginal cost when maximizing profit.()
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A.alwaysequaltomarginalrevenue
B.alwaysgreaterthanmarginalrevenue
C.alwayslessthanmarginalrevenue
D.alwaysequaltotheaveragetotalcostofproduction.
A、marginal cost of labor to the monopolist exceeds the wage.
B、marginal product of labor times price of output equals the wage.
C、marginal product of labor times price of output is less than the wage.
D、marginal product of labor times price of output exceeds the wage.
A、A clothing retailer with the best location in a mall
B、A grocery store in a large city
C、A grocery store in a midum-size city
D、The only gas station in a small, isolated town
The government is considering subsidizing the marginal costs of the monopolist described in the question above.What level of subsidy should the government choose if it wants the monopolist to produce the socially optimal amount of output?
A.equals$4.
B.islessthan$4.
C.isgreaterthan$4.
D.mustbeequaltoaveragetotalcost.
Question 3
A plastics monopolist faces the demand curve P=180 - Q, where Q is measured in thousands of pounds per year and P is measured in dollars per pound. Marginal cost is constant at MC=$60 per pound.
(a)Find the monopolist's profit-maximizing price and quantity.
(b)What is the elasticity of demand at the profit-maximizing price?
A.
B.
C.
D.
A、an increase in price, as the monopolist passes on the price increase
B、an increase in price only if marginal cost also increases
C、a decrease in price as the monopolist needs to sell more in order to cover increased costs
D、an increase in price only if the elasticity of demand is less than 1.0
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