For a monopoly firm,
a. price always equals marginal revenue.
b. price always exceeds average revenue.
c. any price-quantity combination will maximize profits.
d. None of the above is correct.
d
Economics
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A market that operates outside the legal system, either by selling illegal goods or by selling goods at illegal prices is referred to in economics as a
a. gray market. b. resource market. c. black market. d. criminal market.
Economics
Tim put $275 in the bank one year ago and forgot about it. Today, the bank sent Tim a statement indicating that he now has $294.25 in his account. What interest rate did Tim earn?
a. 5 percent b. 6 percent c. 7 percent d. 8 percent
Economics