Suppose Bev's Bags makes large handbags and small handbags. They sold 70,000 large bags for $45 each and 25,000 small bags for $15 each. If the company had total costs of $2,000,000, what was the profit for this company?

For a monopolist, there is no difference between the market demand curve and the demand curve the monopolist uses when making output decisions

a. True b. False

Which of the following is NOT a consequence of the introduction of the Medicare program?

A) an increased quantity of medical services demanded B) an increased ability for the elderly to obtain medical services C) an increased ability for the poor to obtain medical services D) a reduced demand for medical services