Both a perfectly competitive firm and a monopolist:
A. always earn an economic profit.
B. maximize profit by setting marginal cost equal to marginal revenue.
C. maximize profit by setting marginal cost equal to average total cost.
D. are price takers.
Answer: B
Economics
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A) gross domestic product of the United States. B) gross domestic product of Canada. C) gross national product of Canada. D) gross national product of Canada and the gross national product of the United States.
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A firm's total profit equals its marginal revenue minus its marginal cost
a. True b. False Indicate whether the statement is true or false
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