question
A monopoly firm maximizes its profit by producing Q = 500 units of output. At that level of output, its marginal revenue is $30, its average revenue is $60, and its average total cost is $34. At Q = 500, the firm's marginal cost is
answer
$30
question
A monopoly firm maximizes its profit by producing Q = 500 units of output. At that level of output, its marginal revenue is $30, its average revenue is $60, and its average total cost is $34. The firm's profit-maximizing price is
answer
$60
question
A firm that is the sole seller of a product without close substitutes is
answer
monopolistic
question
A fundamental source of monopoly market power arises from
answer
barriers to entry.
question
A monopolist produces
answer
less than the socially efficient quantity of output, but at a higher price than in a competitive market
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