Write about monopoly with marginal revenue and cost

Assignment Help Microeconomics

Reference no: EM13825534

Problems-

1. Assume that at a given level of output a monopoly firm has marginal revenue of $10, its product price is $15, and its marginal cost is $12. All of the following are true except:

A) the firm should increase price.

B) the firm is earning an economic profit.

C) the firm is earning losses.

D) the firm should reduce price.

2. Herbert Simon:

A) believed that firms are willing to settle for less than maximum profits.

B) believed that firms always maximize profits even if they have less than perfect information.

C) believed that individual managers in firms act like entrepreneurs and maximize profits.

D) was a neoclassical economist.

Additional Information-

These multiple choice problems related to Economics and the first problem is about monopoly with marginal revenue and cost given for a level of output. The second problem is about Herbert Simon's views.

Reference no: EM13825534

Questions Cloud

Discuss and critically evaluate this statement : Discuss and critically evaluate this statement in the form of an academic essay. In your discussion explore whether Frederick Taylor and Henri Fayol would agree with Follett

Legality of enforceable contract : Harry and Sally are friends who live in the same house. They have and understanding that if either of them buys a winning lottery ticket they will share the money. One day Sally buys a ticket which wins $100,000 in prize money. Sally insists that ..

Implementation of supply chain management in petrochemical : Implementation of Supply Chain Management In Petrochemical Industry

Elements of a contract of employment : The absence of one or more of the pre-requisite elements of a contract of employment may be fatal to its enforceability. Discuss this statement using relevant case law in support of your argument.

Write about monopoly with marginal revenue and cost : These multiple choice problems related to Economics and the first problem is about monopoly with marginal revenue and cost given for a level of output. The second problem is about Herbert Simon's views.

Case study phillips electronics best model : Case Study Phillips Electronics BEST Model

Monopoly over preterm labor prevention drug : This is news article review upon FDA granting monopoly over preterm labor prevention drug. The article deals with FDA approving KV Pharmaceutical's drug which prevents preterm labor.

Find out the bobs economic profit : Suppose that Bob leaves a job that pays $50,000 per year in order to open a new sponge business. The both problems are about finding out economic profit.

Managing quality customer service : Managing Quality Customer Service With Example Of Royal Melbourne Hospital

User Account

All Pages