If a monopoly is maximizing profits:
a. price will always be greater than average cost.
b. price will always equal marginal cost.
c. price will always be greater than marginal cost.
d. price will always equal marginal revenue.
c
Economics
You might also like to view...
Suppose there is a reduction in consumer income and an increase in the price of jet fuel, an important resource used to produce air travel. If air travel is a normal good, how will these changes influence the price and quantity of air travel? The price of air travel will (be) ____ and quantity purchased will (be) ____
a. decrease; indeterminate b. increase; indeterminate c. decrease; decrease d. indeterminate; decrease
Economics
Which group or groups buy U.S. public debt?
a. Government agencies b. Private individuals c. Private institutions d. All of the above.
Economics