For a monopolist that is maximizing profits
A) price exceeds marginal cost.
B) price equals marginal revenue.
C) price equals average total cost.
D) marginal revenue exceeds price.
A
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In the balance of payments, a deficit item is any transaction
A) that leads to a receipt by a resident of a country or its government. B) that leads to a payment by a resident of a country or its government. C) that is an export of a good or service. D) that makes residents of a country worse off.
A marginal rate of substitution formula tells us:
A. the rate at which the consumer is willing to exchange one good for another, given the level of utility. B. the rate at which the consumer is willing to exchange one good for another, given the amounts consumed. C. the rate at which the consumer is willing to exchange one good for another, given the consumer's income. D. the rate at which the consumer is willing to exchange one good for another, given the prices of the goods.