Under monopoly, a firm: Question 18 options: A) is a price taker. B) maximizes profit by setting marginal cost equal to marginal revenue. C) will shut down in the short-run if price falls short of average total cost. D) always earns a pure economic profit. Both a perfectly competitive firm and a monopolist: Question 19 options: A) always earn an economic profit. B) maximize profit by setting marginal cost equal to marginal revenue. C) maximize profit by setting marginal cost equal to average total cost. D) are price takers. Which of the following is a market structure of monopoly? Question 15 options: A) Few firms operating as price takers. B) Single firm operating as a price taker. C) Single firm that is a price maker. D) All of the above are true.

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Answered: Under monopoly, a firm: Question 18…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Under monopoly, a firm:

Question 18 options:

	A) is a price taker.
	B) maximizes profit by setting marginal cost equal to marginal revenue.
	C) will shut down in the short-run if price falls short of average total cost.
	D) always earns a pure economic profit.

Both a perfectly competitive firm and a monopolist:

Question 19 options:

	A) always earn an economic profit.
	B) maximize profit by setting marginal cost equal to marginal revenue.
	C) maximize profit by setting marginal cost equal to average total cost.
	D) are price takers.

Which of the following is a market structure of monopoly?

Question 15 options:

	A) Few firms operating as price takers.
	B) Single firm operating as a price taker.
	C) Single firm that is a price maker.
	D) All of the above are true.

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