For a single-price monopoly, price is equal to marginal revenue. equal to zero b

Question

For a single-price monopoly, price is equal to marginal revenue. equal to zero because the firm is not a price taker. less than marginal revenue because the firm must lower its price in order to sell another unit of output. less than marginal revenue because the firm cannot increase its total revenue when the demand curve is downward sloping. greater than marginal revenue. The table above shows a total product schedule. Suppose that labor costs $20 per worker and fixed costs are $60. The average variable cost of producing 80 units equals per unit. $0.25 B) $1.00 Q $1.75 D) $0.75 E) $20

Explanation / Answer

29

Ans

C

30

Ans

B

because

Total Variable cost =4X20=80

and production is also 80

so 80/80=1

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