Which is the best example of a firm's implicit costs?

When John's income was low, he could not afford to dine out and would respond to a pay raise by purchasing more frozen dinners. Now that his income is high, a pay raise causes him to dine out more often and buy fewer frozen dinners

Which graph in the above figure best represents John's Engel curve for frozen dinners? A) Graph A B) Graph B C) Graph C D) Graph D

Which of the following is not true of monopolists?

a. The entry of new firms is not a major concern. b. Monopolists seek to maximize profits. c. Monopolists can charge any price they want and make a profit. d. Monopolists can choose any point on the market demand curve. e. Monopolists can raise price more than 10 percent.