Economists criticize monopolies because monopolies

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Reference no: EM131246337

1. Economists criticize monopolies because monopolies

a. always price discriminate.

b. receive accounting profits.

c. restrict output and raise prices compared to a competitive situation.

d. make consumers pay more for their product than the customers value the product.

2. A monopolist maximizes profits by finding

a. the rate of output where marginal revenue equals marginal cost.

b. the rate of output where price equals marginal cost.

c. the price where price exceeds marginal revenue by that largest amount.

d. the price where average revenue and marginal cost are equal.

Reference no: EM131246337

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