If marginal revenue exceeds marginal cost, a profit-maximizing monopolist will
a. raise price and decrease output.
b. lower price and increase output.
c. reduce both output and price.
d. hold output constant and raise price.
B
Economics
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The Federal Trade Commission is charged with
a. supervising cartels in the United States b. aiding small business in contract negotiations with foreign companies c. investigating unfair and deceptive trade practices d. approving contracts between businesses and government e. bringing criminal complaints
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When MFC = MRP, a firm in a competitive market will
A) stop hiring more workers. B) hire more workers. C) earn additional profits. D) layoff workers.
Economics