1. A monopolist always faces a demand curve that is:
a. perfectly inelastic.
b. perfectly elastic.
c. unit elastic.
d. the same as the entire market demand curve.
2. There is only one gas station within hundreds of miles. The owner finds that when she charges $3 a gallon, she sells 199 gallons a day, and when she charges $2.99 a gallon, she sells 200 gallons a day. The marginal revenue of the 200th gallon of gas is:
a. $.01.
b. $1.
c. $2.99.
d. $3.
e. $600.
3. A monopolist earns an economic profit only when:
a. average total cost equals than price.
b. marginal cost equals price.
c. marginal revenue equals price.
d. average total cost is less than price.
1
Expert's answer
2015-07-11T00:00:41-0400
d. the same as the entire market demand curve. b. $1. a. average total cost equals than price.
Finding a professional expert in "partial differential equations" in the advanced level is difficult.
You can find this expert in "Assignmentexpert.com" with confidence.
Exceptional experts! I appreciate your help. God bless you!
Comments
Leave a comment