For the monopolist, marginal revenue is
A) equal to price.
B) less than average revenue since price must be lowered to sell additional units.
C) greater than price.
D) not a consideration in the firm's pricing.
B
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A monetary policy target is a variable that
A) the Fed cannot affect directly. B) the Fed has no ability to change. C) the Fed can affect directly. D) equals one of the Fed's main policy goals.
Which statement best describes the railroad?
(a) It is a good example of "technology transfer" (from England to the U.S.)—the first operating railroad was in England. (b) It is an American home product—the first operating railroad was in the U.S. (c) It was invented in England but first put into operation in the U.S. (d) It was invented in the U.S. but first put into operation in England.