Refer to the data for a nondiscriminating monopolist. At its profit-maximizing output, this firm's price will exceed its marginal cost by ____ and its average total cost by ____.

The concept of rational expectations first appeared on the economic scene in _______, but it wasn't until the _____________ that it received more significant notice in the economics profession

A) 1931; early 1970s B) 1961; early 1970s C) 1981; early 1990s D) 1991; early 2000s E) 1921; early 1980s

Refer to the graph. Which one of the following would cause a move from point b on short-run average total cost curve ATC 1 to point e on short-run average cost curve ATC 2?

A. Diminishing marginal returns.
B. An increase in the wage rate.
C. A decrease in the wage rate.
D. Increasing marginal returns.