For a single-price monopoly,
A) if marginal cost exceeds marginal revenue, profits will increase if output decreases.
B) if marginal revenue exceeds marginal cost, profits will increase if output decreases.
C) there are several different price and output combinations that maximize profit.
D) marginal revenue will be greater than price if demand is elastic.
E) marginal revenue will be greater than price if demand is inelastic.
A
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By specializing in the production of particular goods in which it has a comparative advantage, a nation is:
A) less likely to make efficient use of available resources. B) less likely to engage in international trade. C) able to become self-sufficient. D) able to operate efficiently.
A price floor does not benefit producers
a. True b. False Indicate whether the statement is true or false