The equipment and structures available to produce goods and services are called

A monopoly's economic profits are represented by

a. [price minus marginal cost] times number of units sold. b. [price minus average cost] times number of units sold. c. [marginal revenue minus price] times number of units sold. d. [marginal cost minus price] times number of units sold.

Which of the following statements is correct for a monopolist? (i) The firm maximizes profits by equating marginal revenue with marginal cost. (ii) The firm maximizes profits by equating price with marginal cost. (iii) Demand equals marginal revenue. (iv) Average revenue equals price

a. (i), (iii), and (iv) only b. (i) and (iv) only c. (i), (ii), and (iv) only d. (i), (ii), (iii), and (iv)