A single-price monopoly is producing at an output level where marginal revenue is $15, marginal cost is $13, and price is $20. This monopoly is
A) not maximizing its profit and should decrease output to increase its profit.
B) not maximizing its profit and should increase output to increase its profit.
C) maximizing its profit but should shut down.
D) maximizing its profit and should not shut down.
E) maximizing its profit but still should decrease output to earn even more profit.
B
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The proposition that the outcome of a majority vote is likely to represent the preferences of the voter who is in the political middle is called
A) the mean (or average) voter theorem. B) the median voter theorem. C) the voting paradox. D) the Arrow impossibility theorem.
Studies show that business executives are generally more dishonest than the average professional
Indicate whether the statement is true or false