The formula for an infinite sum is 1 / (1 - b), where b = (1 - reserve ratio)

Under what circumstances are the marginal expenditure for an input and the average expenditure always equal? Where there is a

A) competitive buyer. B) competitive seller. C) monopoly buyer. D) monopoly seller.

If substantial economies of scale exist, setting price = MC will

a. result in a loss for the firm b. result in an excess profit earned c. yield a normal profit d. cause the firm to produce more than the optimal number of goods e. cause the firm to charge lower than the optimal price