Monopolists will maximize profit by producing at an output level where which of the following conditions exists（） A: Price = marginal revenue = marginal cost. B: Price = demand = marginal revenue = marginal cost. C: Marginal revenue = marginal cost ＜ price.
Monopolists will maximize profit by producing at an output level where which of the following conditions exists（） A: Price = marginal revenue = marginal cost. B: Price = demand = marginal revenue = marginal cost. C: Marginal revenue = marginal cost ＜ price.
To maximize profit, the monopolist produces on the ________ portion of the demand curve where ________. A: elastic; price equals marginal cost B: elastic; marginal revenue equals marginal cost C: inelastic; price equals marginal revenue D: inelastic; marginal revenue equals marginal cost
To maximize profit, the monopolist produces on the ________ portion of the demand curve where ________. A: elastic; price equals marginal cost B: elastic; marginal revenue equals marginal cost C: inelastic; price equals marginal revenue D: inelastic; marginal revenue equals marginal cost
With scarcity, the price would equal only the ( ). A: marginal user cost B: marginal cost of extraction C: the sum of marginal extraction cost and marginal user cost. D: fixed costs
With scarcity, the price would equal only the ( ). A: marginal user cost B: marginal cost of extraction C: the sum of marginal extraction cost and marginal user cost. D: fixed costs
A<br/>rational decision maker takes an action only if the() A: marginal benefit is less than the marginal<br/>cost. B: marginal benefit is greater than the<br/>marginal cost. X C: average benefit is greater than the average<br/>cost. D: marginal benefit is greater than both the<br/>average cost and the marginal cost.
A<br/>rational decision maker takes an action only if the() A: marginal benefit is less than the marginal<br/>cost. B: marginal benefit is greater than the<br/>marginal cost. X C: average benefit is greater than the average<br/>cost. D: marginal benefit is greater than both the<br/>average cost and the marginal cost.
The supply curve slopes upward when graphed against ________, because of ________. A: the price of the good; increasing marginal cost B: the price of the good; decreasing marginal cost C: income; increasing marginal cost D: income; decreasing marginal cost
The supply curve slopes upward when graphed against ________, because of ________. A: the price of the good; increasing marginal cost B: the price of the good; decreasing marginal cost C: income; increasing marginal cost D: income; decreasing marginal cost
In short run the shutdown point is that point at which A: price equals marginal cost. B: average fixed cost equals marginal cost. C: average variable cost equals marginal cost. D: average total cost equals marginal cost.
In short run the shutdown point is that point at which A: price equals marginal cost. B: average fixed cost equals marginal cost. C: average variable cost equals marginal cost. D: average total cost equals marginal cost.
Which type of profit maximizing firm will choose to produce where marginal revenue equals marginal cost?
Which type of profit maximizing firm will choose to produce where marginal revenue equals marginal cost?
A firm maximizes profit by operating at the level of output where A: average revenue equals average cost. B: average revenue equals average variable cost. C: total costs are minimized. D: marginal revenue equals marginal cost. E: marginal revenue exceeds marginal cost by the greatest amount.
A firm maximizes profit by operating at the level of output where A: average revenue equals average cost. B: average revenue equals average variable cost. C: total costs are minimized. D: marginal revenue equals marginal cost. E: marginal revenue exceeds marginal cost by the greatest amount.
A competitive,<br/>profit-maximizing firm hires workers up to the point where<br/>the__________ A: marginal<br/>product equals zero. B: marginal<br/>revenue product equals zero. C: marginal<br/>product equals the nominal<br/>wage. D: value<br/>of the marginal product equals the wage.
A competitive,<br/>profit-maximizing firm hires workers up to the point where<br/>the__________ A: marginal<br/>product equals zero. B: marginal<br/>revenue product equals zero. C: marginal<br/>product equals the nominal<br/>wage. D: value<br/>of the marginal product equals the wage.
If, in long run equilibrium, the competitive price of some good is $16.67, then, for each and every firm in the industry, A: marginal cost > average cost = $16.67. B: marginal cost < average cost = $16.67. C: $16.67 = marginal cost = average cost. D: $16.67 = marginal cost > average cost.
If, in long run equilibrium, the competitive price of some good is $16.67, then, for each and every firm in the industry, A: marginal cost > average cost = $16.67. B: marginal cost < average cost = $16.67. C: $16.67 = marginal cost = average cost. D: $16.67 = marginal cost > average cost.