Because the monopolist doesn't pay attention to the willingness to pay of inframarginal consumers:
A. there can sometimes be a difference between what level of product quality is profitable for the monopolist and what level of product quality maximizes aggregate surplus.
B. the monopolist will choose the optimal level of product quality.
C. the quantity chosen by the monopolist will sometimes maximize aggregate surplus.
D. there can never be a difference between the marginal cost of higher product quality and the marginal value to consumers of higher product quality.
A. there can sometimes be a difference between what level of product quality is profitable for the monopolist and what level of product quality maximizes aggregate surplus.
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The short-run Phillips curve shows ________ between the unemployment rate and the inflation rate, and the long-run Phillips curve shows ________ between the unemployment rate and the inflation rate
A) a positive relationship; a negative relationship B) a negative relationship; a positive relationship C) no relationship; a negative relationship D) a negative relationship; no relationship E) no relationship; no relationship
Although ________ currency is lighter than coins made of metals, a disadvantage arising from modern technology is the ease of ________
A) paper; transport B) commodity; counterfeiting C) fiat; transport D) paper; counterfeiting