Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 12, 2024

Monopolies are able to set their own price in their market. How does a monopolist set a price that will maximize their profits? (1 Point)

Monopolies are able to set their own price in their market. How does a monopolist set a price that will maximize their profits? (1 Point) Price is set equal to marginal cost The firm sets price from the demand curve. It can charge any price it wants since it's the only firm. Price is set where it equals the minimum of average cost

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting

Authors: Carl warren, James Reeve, Jonathen Duchac, Sheila Elworthy,

Volume 1, 2nd canadian Edition

176509739, 978-0176509736, 978-0176509743

Students also viewed these Economics questions

Question

★★★★★

The file Movie Attendance contains the yearly movie attendance (in billions) from 2001 through 2011: a. Construct a time-series plot for the movie attendance (in billions). b. What pattern, if any,...

Answered: 1 week ago

Question

★★★★★

Captain Cabell Corp, manufacturers fishing equipment. Currently, the company has a plant in Los Angeles and a plant in New Orleans. David Cabell, the firms owner, is deciding where to build a new...

Answered: 1 week ago

Question

★★★★★

The number of phone calls that Nicky receives on her mobile phone follows a Poisson process with a rate ???? = 3 calls per hour. (i) Find the probability that she will receive three calls between...

Answered: 1 week ago

Question

★★★★★

Which control procedure would be most effective in addressing the following problems? a. When entering a journal entry to record issuance of new debt, the treasurer inadvertently transposes two...

Answered: 1 week ago

Question

★★★★★

Bonita Company sells merchandise on account for $4900 to Carla Vista Company with credit terms of 1/10, n/30. Carla Vista Company returns $700 of merchandise that was damaged, along with a check to...

Answered: 1 week ago

Question

★★★★★

Sparks Corporation has a cash balance of $14,700 on April 1. The company must maintain a minimum cash balance of $12,000. During April, expected cash receipts are $60,000. Cash disbursements during...

Answered: 1 week ago

Question

★★★★★

( 1 5 p ) A pizza restaurant is planning for a 7 - hour night delivery service. At night it gets requests for pizza deliveries every 3 0 minutes, and it estimates that on average a delivery can take...

Answered: 1 week ago

Question

★★★★★

Compose an essay describing the pros/cons of three well designed Linux live CDs for digital forensics. Provide at least one peer-reviewed journal article.

Answered: 1 week ago

Question

★★★★★

Attached you will find a case study. Using the knowledge, you gained by working through the Competency 1 material you will read the case study and write an essay whose body is from three to five...

Answered: 1 week ago

Question

★★★★★

Give some ways to enhance manufacturing process of tony's toy trucks. Tony's Toy Trucks Order and Production Process Process Key Decision Process System Start/End Corporate ERP System Submit Purchase...

Answered: 1 week ago

Question

★★★★★

Overview In this discussion, we will consider the implications of the COVID-19 pandemic on the global economy and global trade now and in the future. Although the world has mostly reopened, the...

Answered: 1 week ago

Question

★★★★★

4 . Consider the implementation of the security program at UNITAR International University. tools or components implemented by UNITAR. a ) Provide any FIVE ( 5 ) security answer in question 4 ( a ) ,...

Answered: 1 week ago

Previous Question Next Question