If monopoly is attempting to maximize profit, which of the following should it attempt to do
Select that output at which ATC is at minimum
Set price equal to TC
Maximize profit per unit
Maximize revenue
Equate marginal cost to marginal revenue
Correct answer is E
No explanation has been provided for this answer.
Under perfect competition, the long-run equilibrium requires
MR = MC
MR = AC = AR
MR > MC
MR = MC = AR = AC
AR = AC
Correct answer is D
No explanation has been provided for this answer.
At every point on a indifference curve, the
Total utility is decreasing
Prices of all goods are constant
Consumer is satiated
Level of utility is constant
Level of utility is increasing
Correct answer is D
No explanation has been provided for this answer.
In market economies, resources are allocated through the
Government authorities
Price system
Banking system
Central planning bureau
revenue allocation formular
Correct answer is B
No explanation has been provided for this answer.
An increase in demand for X will increase the supply of Y
An increase in demand for X will shift the supply of Y
An increase in demand for Y will raise the price of X
An increase in demand for X will cause less of Y to be produced
A probable tax on Y will cause more of X to be supplied
Correct answer is A
No explanation has been provided for this answer.