Diff 2 page ref 496496 topic demand and marginal

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Moral Issues in Business
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Chapter 5 / Exercise 5
Moral Issues in Business
Barry/Shaw
Expert Verified
Diff: 2Page Ref: 496/496Topic: Demand and Marginal RevenueLearning Outcome: Micro 14: Discuss production and pricing decisions within monopolies and how publicpolicies affect monopoliesAACSB: Reflective Thinking49) A monopolistʹs profit maximizing price and output correspond to the point on a graphA) where price is as high as possible.B) where marginal revenue equals marginal cost and charging the price on the market demandcurve for that output.C) where total costs are the smallest relative to price.D) where average total cost is minimized.Answer: B
49)
Diff: 3Page Ref: 496/496Topic: Demand and Marginal RevenueLearning Outcome: Micro 14: Discuss production and pricing decisions within monopolies and how publicpolicies affect monopoliesAACSB: Reflective Thinking13
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Moral Issues in Business
The document you are viewing contains questions related to this textbook.
Chapter 5 / Exercise 5
Moral Issues in Business
Barry/Shaw
Expert Verified
50) Microsoft hires marketing and sales specialists to decide what prices it should set for its products,whereas a wealthy corn farmer in Iowa, who sells his output in the world commodity market, doesnot. Why is this so?
Diff: 2Page Ref: 496/496Topic: Comparing Monopoly and Perfect CompetitionLearning Outcome: Micro 14: Discuss production and pricing decisions within monopolies and how publicpolicies affect monopoliesAACSB: Analytic Skills51) Because a monopolyʹs demand curve is the same as the market demand curve for its product,
51)
Diff: 2Page Ref: 496/496Topic: Demand and Marginal RevenueLearning Outcome: Micro 14: Discuss production and pricing decisions within monopolies and how publicpolicies affect monopoliesAACSB: Reflective Thinking52) If a theatre company expects $250,000 in ticket revenue from five performances and $288,000 inticket revenue if it adds a sixth performance, the
52)
Diff: 2Page Ref: 496-497/496-497Topic: Demand and Marginal RevenueLearning Outcome: Micro 20: Apply the concepts of opportunity cost, marginal analysis, and present value tomake decisionsAACSB: Analytic Skills53) If a monopolistʹs price is $50 per unit and its marginal cost is $25, thenA) to maximize profit the firm should continue to produce the output it is producing.B) to maximize profit the firm should increase output.C) to maximize profit the firm should decrease output.D) Not enough information is given to say what the firm should do to maximize profit.Answer: D
53)
Diff: 2Page Ref: 496-497/496-497Topic: Profit MaximizationLearning Outcome: Micro 14: Discuss production and pricing decisions within monopolies and how publicpolicies affect monopoliesAACSB: Analytic Skills14

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