A monopolist maximizes profits by
a. producing an output level where marginal revenue equals marginal cost.
b. charging a price that is greater than marginal revenue.
c. earning a profit of (P - MC) x Q.
d. Both a and b are correct.
d
Economics
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High inflation that persists beyond the ending of expansionary policies is probably ________
A) demand-pull inflation B) Humphrey-Hawkins inflation C) cost-push inflation D) a result of unemployment remaining below the natural rate E) none of the above
Economics
If a good or service does not get used up as it is consumed, then it is said to be
A) nonexcludable. B) nonrival. C) nondiscrimination. D) nonconsumable.
Economics