Which of the following statements is not correct?
A)A monopolist's ability to act as a price setter guarantees economic profits in the short run.
B)The monopolist's marginal revenue is less than the price for any output greater than one.
C)A monopolist's demand curve is the same as the market demand curve for the product.
D)In the long run,a monopolist will experience only positive or zero economic profits.
Which of the following is the same for monopoly and competition under the same cost and demand conditions?
A)The amount of output that is produced.
C)The goal of maximizing profits.
D)Efficiency of production at the profit-maximizing output.
A profit-maximizing monopolist produces the rate of output where
A)MR = MC and determines price based on the demand curve.
B)Price = MC.
C)MR = MC and can set price at any amount it chooses.
D)MR = MC and determines price based on ATC.
Table 24.1 Monopoly Costs and Revenue
In Table 24.1,using the profit maximization rule,a monopolist will produce