A profit-maximizing monopolist will receive zero profits when
A) the average total cost curve lies above the demand curve for all possible rates of output.
B) the average total cost curve is tangent to the demand curve at the profit maximizing price.
C) marginal revenue, marginal cost, and average total cost are all equal.
D) a second firm enters the industry.
Answer: B
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A firm's vertical dimension refers to
A) its ability to grow its profits. B) the size of its headquarters building. C) the degree to which it participates in the various stages of producing the products and services it sells. D) the downstream stages of production.
In Africa, which of the following policies has been most successful at increasing elephant populations?
a. Banning the ivory trade by making the buying and selling of ivory illegal. b. Making elephants the common property of the people of the country through government ownership and control and making the killing of elephants illegal c. Allowing private ownership of elephants and making the ivory trade legal d. When used together, the policies in a and b have been more successful than the policy in c.