When a non-discriminating monopolist is maximizing profit, then
a. its price equals its marginal cost
b. its price equals its marginal revenue
c. it is producing all units for which marginal revenue exceeds marginal cost
d. its supply curve intersects the market demand curve
e. its marginal cost curve intersects the market demand curve
C
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Explain the big tradeoff. What idea of fairness has been developed to deal with it?
What will be an ideal response?
The danger of using the national defense argument to protect domestic industries necessary to wage war is that
A. it has no validity on noneconomic grounds. B. it is unrelated to the United States’ ability to wage war. C. other nations will retaliate with tariffs against U.S. producers of war material. D. industries with only the most peripheral relationship to defense are likely to invoke this argument on their behalf.