Suppose that the profit maximizing level of output for the monopolist is 10 units, and price = $50, ATC = $35, and AVC = $25. What is the monopoly's profit?

In examining incomes of free southerners prior to the Civil War, Walton and Rockoff conclude that, compared with northerners, free southerners were ______

a. at least 50% poorer than northerners. b. far richer than northerners, except in the old South. c. doing fairly well, even in the old South. d. far richer than northerners but a downward trend was noticeable.

If the demand for apples decreases at the same time the supply of apples increases, the price of apples will tend to fall

a. True b. False Indicate whether the statement is true or false