What does the marginal revenue equal when a monopoly's total revenue is maximized? What is the elasticity of demand when the total revenue is maximized?

Joanne rents out her apartment in Seattle to Alice as she is moving to Dallas for the next three years. Which of the following statements must be true?

a. Alice's valuation of the apartment is higher than Joanne's opportunity cost of renting it. b. Joanne's valuation of the apartment is higher than Alice's. c. This transaction creates no economic value for Alice. d. Alice's valuation of the apartment is lower than Joanne's opportunity cost of renting it.

The free rider problem is an economic issues associated with

a. Public Goods b. Negative externalities c. Social cost d. Marginal Benefits