Which of the following statements is true for a monopolist?
a. a monopolist will charge the highest price for which he can sell units of his product.
b. unregulated monopolists can gain by producing their chosen output at a low cost.
c. if a firm has a monopoly, it will always be able to earn economic profit.
d. none of the above statements are true.
B
Economics
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Cindy's Sweaters' production function is shown in the above table. Cindy rents two knitting machines for $30 a day each and hires workers at a wage rate of $40 a day. If Cindy produces 18 sweaters per day, what is her total cost?
A) $120 B) $140 C) $180 D) $60
Economics
If the production of a good creates an external cost, is the supply curve the same as the marginal social cost or the same as the marginal private cost curve or both?
What will be an ideal response?
Economics