Suppose a monopolist has TC = 40 + 10Q + Q2, and the demand curve it faces is p = 130 - 2Q. What is the maximum profit achieved by this monopoly?

A change in an equilibrium price can result from I. A change in demand II. A change in supply

A) I only B) II only C) Both I and II D) Neither I nor II

When the opportunity cost of producing carrots increases as more carrots are produced, then:

A. no more carrots will be produced. B. resources are equally suited to the production of carrots and to other goods. C. the production possibilities curve is a straight line. D. the law of increasing opportunity costs is present