A monopolist will maximize profits by
a. setting the price at the level that will maximize per-unit profit.
b. producing the output where marginal revenue equals total cost and charging a price along the demand curve.
c. selling at the price on the demand curve at the output rate where marginal revenue equals marginal cost.
d. producing at the output rate where price equals marginal cost.
C
Economics
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If the government subsidizes the production of a good
A) an efficient outcome for producers occurs. B) overproduction relative to the efficient quantity occurs. C) a deadweight loss is created. D) Both answers B and C are correct.
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Use the above table. The income elasticity of jam is
A) -0.33. B) 0.33. C) 3.00. D) -3.00.
Economics