Consider a manufacturing operation that uses specialized machinery and labor to produce its output. In this case, the input that is not fixed in the short run is labor

Monopolists are like perfectly competitive firms in that ______.

a. both maximize profits at the output level where marginal revenue equals marginal cost b. both could be earning either profits or losses in the short run c. both are in industries with downward-sloping demand curves d. all of these are true of both of them e. both maximize profits at the output level where marginal revenue equals marginal cost and both could be earning either profits or losses in the short run are true of both of them, but not both are in industries with downward-sloping demand curves

Which of the following is an example of a barter system?

(A) Instead of paying for a purchase in Mexico in pesos, you use dollars from the United States. (B) Instead of paying the full amount for a car, you pay 10 percent in cash and the rest in monthly installments. (C) Instead of paying cash for a computer, you use a credit card. (D) Instead of paying rent, you clean the house for the owner.