Profit under monopoly
Problem: Which of the following is true under monopoly?1. profits are always positive.
2. P > minimum of ATC.
3. P = MR.
4. none of the above are true.
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When a ski resort with some monopoly power is maximizing profit, price is greater than marginal cost. Thus, consumers are willing to pay more for additional lift tickets than the tickets cost to produce.
Problem: Which of the following is true under monopoly? 1. profits are always positive. 2. P > minimum of ATC. 3. P = MR. 4. none of the above are true.
"Statistical Engineering Frameworks" Please respond to the following: Note: Online students, please select one of the two subjects to discuss.
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It costs the firm $20,000 even if it produces nothing, and $15 for every unit above that. Find the price and quantity sold in each market. WHat is the firm profit?
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