Quiz_153 - 62 A B C D -elastic 62 Answer C Diff:1 PageRef:497\/497 Topic ProfitMaxi

Quiz_153 - 62 A B C D -elastic 62 Answer C Diff:1...

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62) To maximize profit a monopolist will produce where A) average total cost is equal to average revenue.B) revenue per unit is maximized.C) marginal revenue is equal to marginal cost.D) demand for its product is unit-elastic.Answer: C62)Diff: 1Page Ref: 497/497Topic: Profit MaximizationLearning Outcome: Micro 14: Discuss production and pricing decisions within monopolies and how publicpolicies affect monopoliesAACSB: Reflective Thinking 63) If a monopolistʹs marginal revenue is $35 per unit and its marginal cost is $25, then 63)Diff: 2Page Ref: 497/497Topic: Profit MaximizationLearning Outcome: Micro 14: Discuss production and pricing decisions within monopolies and how publicpolicies affect monopoliesAACSB: Analytic Skills 64) If a monopolistʹs price is $50 at 63 units of output and marginal revenue equals marginal cost andaverage total cost equals $43, then the firmʹs total profit is 64)Diff: 3Page Ref: 497/497Topic: Profit MaximizationLearning Outcome: Micro 14: Discuss production and pricing decisions within monopolies and how public policies affect monopolies AACSB: Analytic Skills
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