A monopolist is defined as
A) a firm with annual sales over $10 million.
B) a large firm, making substantial profits, that is able to make other firms do what it wants.
C) a single supplier of a good or service for which there is no close substitute.
D) a producer of a good or service that is expensive to produce, requiring large amounts of capital equipment.
C
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A profit-maximizing monopolist charges a price of $12 . The intersection of the marginal revenue and marginal cost curves occurs where output is 10 units and marginal cost is $6 . Average total cost for 10 units of output is $5 . What is the monopolist's profit?
a. $60 b. $70 c. $100 d. $120
In Econland autonomous consumption equals 700, the marginal propensity to consume equals 0.80, net taxes are fixed at 50, planned investment is fixed at 100, government purchases are fixed at 100, and net exports are fixed at 40. The slope of the expenditure line is:
A. 0.20. B. 0.80. C. 0.99. D. 0.90.