A profit-maximizing monopolist will produce at the point where:
a. total revenue = total costs.
b. marginal revenue = marginal cost.
c. average revenue = average cost.
d. the difference between average revenue and average cost is maximized.
Ans: b. marginal revenue = marginal cost.
Economics
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How can it be that people purchase more of a good while its price is rising?
A) The supply curve must be shifting to the left. B) The demand curve must be shifting to the right. C) Supply and demand do not change. D) It cannot happen, otherwise the law of demand is violated.
Economics
The demand for gold increases, other things equal, when
A) the market for silver becomes more liquid. B) interest rates are expected to rise. C) interest rates are expected to fall. D) real estate prices are expected to increase.
Economics