Question 8 (1 point) Question 8 Unsaved The monopolist sets price by Question 8

Question

Question 8 (1 point)
Question 8 Unsaved
The monopolist sets price by
Question 8 options:

charging the price where marginal revenue equals price.

producing the quantity where marginal cost equals marginal revenue and charging the price that
corresponds to that quantity.

charging the price where marginal cost equals price.

charging the price where average total cost equals marginal cost.


Question 9 (1 point)
Question 9 Unsaved
A monopolist is defined as
Question 9 options:


a large firm's, making substantial profits, that is able to make other firm's do what it wants.

a firm with annual sales over $10 million.

a single supplier of a good or service for which there is no close substitute.

a producer of a good or service that is expensive to produce, requiring large amounts of capital
equipment.

Explanation / Answer

charging the price where marginal revenue equals price.

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