A pure monopoly most likely results in productive inefficiency because at the profit-maximizing level of output ________.
A. MC is not at its minimum level
B. P is greater than AVC
C. ATC is not at its minimum level
D. MR is not zero
Answer: C
Economics
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The figure above shows the cost, marginal revenue, and demand curves of Golden Chow, a producer of dog food. The market for dog food is monopolistic competition. In the short run, Golden Chow sells 400 cans of dog food per day and makes ________
Other firms have ________ incentive to enter the industry. A) an economic profit of $200 a day; an B) an economic profit of $400 a day; an C) a normal profit of $200 a day; no D) an economic profit of $400 a day; no
Economics
Explain the difference between a change in supply and a change in quantity supplied
What will be an ideal response?
Economics