03 Jun Question 44 Suppose a monopolist is producing a level
Question
Question 44
Suppose a monopolist is producing a level of output such that MR > MC. What should the firm do to maximize its profits?
The firm should do nothing ? it wants to maximize the difference between MR and MC in order to maximize its profits.
The firm should increase output.
The firm should increase price.
The firm should hire less labor.
Question 45
The law of diminishing returns begins first to affect a firm’s short-run cost structure when
average variable cost begins to increase.
marginal cost begins to increase.
average cost begins to increase.
average fixed cost begins to decrease.
Question 46
A firm that seeks to maximize its revenue is most likely to adhere to which of the following?
MR = MC
MR =0
MR < MC MR =P Question 47 Which of the following statements is true of a monopolist? The monopolist sets marginal revenue equal to marginal cost to maximize profits. The monopolist sets price equal to marginal cost to maximize profits. The monopolist will always earn positive economic profits. The marginal revenue curve is the same as the demand curve for the monopolist's output. Question 48 When the marginal dollar of product development expenditure brings in a dollar of additional revenue, the firm is spending the ________ on product development. profit-maximizing amount inefficient amount loss-maximizing amount profit-minimizing amount maximum amount it can
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