Microeconomics studies the allocation of

For a monopolist, the marginal revenue gained when one more unit of output is sold is

A) the price at which the extra unit is sold minus the loss in revenue that results from cutting the price on units sold previously. B) equal to the price of the product. C) negative if price is above the midpoint of the demand curve. D) the average revenue created by the increased sales.

In the long run:

A. some inputs can be varied and no inputs are fixed. B. all inputs can be varied and no inputs are fixed. C. some inputs can be varied and some inputs are fixed. D. no inputs can be varied and all inputs are fixed.