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Name: ________________________ Class: ___________________ Date: __________ ID: A 1 Quiz 8 Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. The profit-maximization problem for a monopolist differs from that of a competitive firm in which of the following ways? a. A competitive firm maximizes profit at the point where marginal revenue equals marginal cost; a monopolist maximizes profit at the point where marginal revenue exceeds marginal cost. b. A competitive firm maximizes profit at the point where average revenue equals marginal cost; a monopolist maximizes profit at the point where average revenue exceeds marginal cost. c. For a competitive firm, marginal revenue at the profit-maximizing level of output is equal to marginal revenue at all other levels of output; for a monopolist, marginal revenue at the profit-maximizing level of output is smaller than it is for larger levels of output. d.
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This note was uploaded on 02/20/2012 for the course ECON 221 taught by Professor Gordanier during the Fall '08 term at South Carolina.

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ExamView Pro - quizmonopoly - Name: _ Class: _ Date: _ ID:...

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