Homework Answers
Answer : 1) The answer is option A.
Socially optimal output level is that output level where D = MC occur. Here at output level of 8 units per day D = MC occurs. So, here the socially optimal output level is 8 units per day. Therefore, option A is correct.
2) The answer is option A.
The monopolist's profit maximizing output level is that output level where MR = MC occur. Here at output level of 4 units per day MR = MC occurs where the price is $18. Therefore, option A is correct.
3) The answer is option D.
Fast food restaurants are the example of monopolistic competitive market. Fast food restaurants are not the example of natural monopoly. Therefore, option D is correct.
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The accompanying figure shows the demand curve, marginal revenue curve, marginal...
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