1. Consider a
monopolist that faces the following demand curve:?P=150-Q. The total cost curve for this monopolist is given by the following: TC=100+10Q+Q2. Which of the following is true?
a. The monopolist will set price equal to 115 and sell 35 units.
b. The monopolist will set price equal to 45 and sell 105 units.
c. The monopolist will set price equal to 30 and sell 120 units.
d. The monopolist will set price equal to 60 and sell 90 units.
e. None of the above.
2. Consider a single price monopolist that has standard U-shaped cost curves. If the monopolist earns positive economic profit, which of the following statements is true?
a. The monopolist sets a price greater than marginal cost.
b. The monopolist sets a price greater than average total cost.
c. The monopolist chooses level of output where marginal revenue is equal to marginal cost.
d. a, b and c are correct.
e. none of the above.
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