An unregulated monopoly finds that its marginal cost exceeds its marginal revenue. In order to increase its profit, the firm will
A) raise its price and decrease its output.
B) lower its price and increase its output.
C) raise its price and increase its output.
D) continue to produce this level of output because any change will lower its profit.
A
Economics
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The above figure shows supply and demand curves for milk. If the government passes a law that establishes $3 per month as the legal minimum per gallon price, change in producer surplus will be
A) b + c + d. B) b - f - g. C) c + d + g. D) b - g.
Economics
What is the expected value of a $100 bet on a flip of a fair coin, where heads pays double and tails pays zero?
What will be an ideal response?
Economics