Demand and supply analysis is particularly important if
a. the success of your firm is closely linked to the profitability of your primary industry
b. the success of your firm is independent of the profitability of your primary industry
c. the success of your firm is unlikely
d. demand and supply analysis is unimportant
a
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Suppose it costs Minnie's Mini-Golf (a monopolist) not a penny more to let another person on the course. If Minnie's faces a linear (downward-sloping) market demand curve, it will maximize profit by choosing the point on the demand curve at which
a. marginal revenue is greatest b. price elasticity is unit elastic c. price elasticity is inelastic d. price exceeds average total cost by the greatest amount e. price exceeds marginal cost by the greatest amount
Teenagers generally have high marginal revenue products because they have not completed their educations and have little job experience.
Answer the following statement true (T) or false (F)