## (Solution Download) 1 For a monopolist marginal revenue is greater le

1. For a monopolist, marginal revenue is ___________ (greater/less) than price.
2. A monopoly that cuts its price gains revenue from its ________customers but loses revenue from its ________customers.
3. At a price of \$18 per CD, a firm sells 60 CDs. If the slope of the demand curve is \$0.10, marginal revenue for the 61st CD is \$ ________. The firm should cut the price to sell one more CD if the marginal cost is less than \$________.
4. Arrow up or down: As the quantity produced by a monopolist increases, the gap between the marginal revenue curve and demand curve________.
5. To maximize profit, a monopolist picks the quantity at which________ equals________.
6. Arrows up or down: At a price of \$18 per CD, the marginal revenue of a CD seller is \$12. If the marginal cost of CDs is \$9, the firm should________ its price to ________ the quantity.
7. You want to determine the profit-maximizing quantity for a monopolist. You can ask the firm?s accountant to draw the firms revenue and costs curves, but each curve will cost you \$1,000. From the following list, indicate which curves you will request: average total cost, average fixed cost, average variable cost, marginal cost, demand, marginal revenue.

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Question answered on Jul 22, 2018
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