What is true at the profit-maximizing quantity for a nondiscriminating monopolist but not true of a perfectly competitive firm?
a. Price equals marginal cost.
b. Price is greater than marginal cost.
c. Marginal revenue equals marginal cost.
d. Marginal revenue is less than marginal cost.
e. Marginal revenue is greater than average revenue.
B
Economics
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If the quantity supplied is the same regardless of price, then supply is
a. elastic. b. perfectly elastic. c. perfectly inelastic. d. inelastic.
Economics
Refer to the diagram. The short-run supply curve for this firm is the:
A. entire MC curve.
B. segment of the AVC curve lying to the right of the MC curve.
C. segment of the MC curve lying to the right of output level k.
D. segment of the MC curve lying to the right of output level h.
Economics