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Kaevyn04 Kaevyn04
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5 years ago

Question 1.

A profit-maximizing monopolist will ________ where marginal revenue is equal to marginal cost.



▸ produce output

▸ charge the selling price

▸ minimize its average total cost

▸ All of these are correct.

Question 2.

The Time-for-a-Change wristwatch company holds a patent on holographic wristwatches. The company can earn a profit on the sale of holographic wristwatches



▸ in the short run but not in the long run because new firms will enter the industry in the long run.

▸ only in the long run because government regulations prevent monopolists from earning profits in the short run.

▸ in the long run but not the short run because the monopolist will face competition in the short run.

▸ in the long run because entry into the industry by new firms is blocked until the patent expires.
Textbook 
Principles of Economics

Principles of Economics


Edition: 12th
Authors:
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anuja709anuja709
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5 years ago
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Kaevyn04 Author
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5 years ago
Helped a lot
Marctheshark
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Yesterday
this is exactly what I needed
lolaww
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2 hours ago
Correct Slight Smile TY
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