Which of the Following Statements Best Describe the Price, Output

question 69

Multiple Choice

Which of the following statements best describe the price, output, and profit conditions of monopoly?

• A) Price will equal marginal cost at the profit-maximizing level of output and profits will be positive in the long-run.
• B) Price will always equal average variable cost in the short-run and either profits or losses may result in the long run.
• C) In the long-run, positive economic profit will be earned.
• D) All of these are true.

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Definitions:

Iliocostalis Group

A muscle group within the erector spinae muscles of the back that helps in extending and laterally flexing the spine.

Longissimus Group

A group of spinal muscles that are part of the erector spinae in the back, helping in the movement and stabilization of the spine.

Spinalis Group

A muscle group and part of the erector spinae in the back, which helps in extending the vertebral column and maintaining good posture.

External Oblique

The external oblique is a muscle located on the outer surface of the sides of the abdomen, involved in the movement and rotation of the trunk.