The output produced by the single-price, unregulated monopoly in the above figure is
A) efficient because profit is maximized.
B) inefficient because less than the efficient quantity is produced.
C) efficient because marginal costs equals marginal revenue.
D) inefficient because more than the efficient quantity is produced.
B
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The elasticity of the momentary supply curve for any good always equals
A) zero. B) one. C) positive infinity. D) None of the above answers is correct.
One plausible explanation of the U.S. productivity slowdown starting in 1973 is that it was a result of the increase in the relative price of energy. This explanation would require that, in light of higher energy costs, the
A) capital stock is overestimated. B) capital stock is underestimated. C) labor force is overestimated. D) labor force is underestimated.