Which of the following is NOT true for monopoly?
A) The profit maximizing output is the one at which marginal revenue and marginal cost are equal.
B) Average revenue equals price.
C) The profit maximizing output is the one at which the difference between total revenue and total cost is largest.
D) The monopolist's demand curve is the same as the market demand curve.
E) At the profit maximizing output, price equals marginal cost.
E
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Which of the following will result in an increased price of milk?
A) A shift to the right of the supply curve for milk. B) A shift to the right of the demand curve for milk. C) An increase in the number of milk suppliers. D) A decrease in the number of milk buyers.
An economy is said to be saving lives efficiently
a. if the number of lives saved increases each year b. whenever the cost of saving lives is decreasing c. if it is operating on its production possibilities frontier d. if more resources are devoted to saving lives than to any other activity e. if fewer resources are devoted to saving lives than to any other activity