To maximize its profits, a monopoly should produce the quantity where its marginal cost equals its:

What is the exchange rate between the dollar and the British pound if a pair of American jeans costs 50 dollars in New York and 100 Pounds in London?

A) 1.5 dollars per British pound B) 0.5 dollars per British pound C) 2.5 dollars per British pound D) 3.5 dollars per British pound E) 2 dollars per British pound

Assume a perfectly competitive firm is producing 300 units of output, P = $10, ATC of the 300th unit is $11, marginal cost of the 300th unit = $10, and AVC of the 300th unit = $9. Based on this information, the firm is:

A) earning an economic profit of $300. B) earning an economic profit of $600. C) incurring a loss of $300 and should shut down. D) incurring a loss of $300, but should continue to operate in the short run.