Assume that a profit maximizing monopolist is producing a quantity such that marginal revenue exceeds marginal cost. We can conclude that the
A. firm is maximizing profit.
B. firm's output is smaller than the profit maximizing quantity.
C. firm's output is larger than the profit maximizing quantity.
D. firm's output does not maximize profit, but we cannot conclude whether the output is too large or too small.
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To find the profit maximizing level of output, a firm finds the output level where
A. price equals marginal cost.
B. marginal revenue and average total cost.
C. price equals marginal revenue.
D. all of the above
E. none of the above
As the manager of a firm you calculate the marginal revenue is $152 and marginal cost is $200. You should
A. expand output.
B. do nothing without information about your fixed costs.
C. reduce output until marginal revenue equals marginal cost.
D. expand output until marginal revenue equals zero.
E. reduce output beyond the level where marginal revenue equals zero.
Suppose that a firm can produce its output at either of two plants. If profits are maximized, which of the following statements is true?
A. The marginal cost at the first plant must equal marginal revenue.
B. The marginal cost at the second plant must equal marginal revenue.
C. The marginal cost at the two plants must be equal.
D. all of the above
E. none of the above
The monopolist has no supply curve because
A. the quantity supplied at any particular price depends on the monopolist's demand curve.
B. the monopolist's marginal cost curve changes considerably over time.
C. the relationship between price and quantity depends on both marginal cost and average cost.
D. there is a single seller in the market.
E. although there is only a single seller at the current price, it is impossible to know how many sellers would be in the market at higher prices.
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