Individuals, firms, and societies are limited in the amount of goods and services that they can produce. This is a direct result of:

Price controls would ordinarily be used to increase rather than decrease prices of depletable resources

a. True b. False Indicate whether the statement is true or false

A pure monopolist sells output for $4.00 per unit at the current level of production. At this level of output, the marginal cost is $3.00, average variable costs are $3.75, and average total costs are $4.25. The marginal revenue is $3.00. What is the

short-run condition for the monopolist and what output changes would you recommend? What will be an ideal response?