Refer to Figure 15-9. At the profit-maximizing quantity, what is the difference between the monopoly's price and the marginal cost of production?
A) $8 B) $11.50
C) $21 D) There is no difference.
C
Economics
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Marginal factor cost is
A) the change in the value of output from using an additional unit of the factor. B) the cost of an additional unit of output. C) the total value of factor cost divided by the one cost that is being held constant. D) the cost of using an additional unit of an input.
Economics