A monopoly is operating at a quantity where the average total cost is $60, marginal revenue is $45, and the price is $70. If the monopoly has a normal U-shaped ATC curve and is currently producing at its efficient scale, then to maximize profits, this the quantity produced. business should prices and Select one: O a. raise; lower O b. lower; raise O c. raise; raise O d. lower; lower cross out cross out cross out cross out

A monopoly is operating at a quantity where the average total cost is $60, marginal revenue is $45, and the price is $70. If the monopoly has a normal U-shaped ATC curve and is currently producing at its efficient scale, then to maximize profits, this the quantity produced. business should prices and Select one: O a. raise; lower O b. lower; raise O c. raise; raise O d. lower; lower cross out cross out cross out cross out

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Figure A Q Figure B Figure C Price (dollars per unit) 15- Price (dollars per unit) 15 Price (dollars per unit) 15- 14- 13- 12- 11- 10- MC MC 14- 14- 13- 12- 11- 10- „MC ATC 13- 12- 11- 10- ATC ATC MR MR MR 9- 9- 9- 8- 8- 8- 7- 7- 6- 90 100 100 100 1i0 Quantity (units) 90 110 90 110 15 Qua Quantity (units) Quantity (units) Consider a perfectly competitive firm in a short-run equilibrium. Figure shows a firm in bad times because the firm produces units and makes a(n) O A. A; 100; economic loss O B. B; 90; economic profit O C. A; 110; economic loss O D. C; 100; economic loss O E. C; 100; normal profit