In the Long Run, a Pure Monopolist Will Maximize Profits

question 22

Multiple Choice

In the long run, a pure monopolist will maximize profits by producing that output at which marginal cost is equal to

• A)average total cost.
• B)marginal revenue.
• C)average variable cost.
• D)average cost.

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Definitions:

PLCs

Programmable Logic Controllers, specialized computers used to control industrial machines and processes.

Input Device

A hardware or component that allows information to be provided to a computer or machine, such as a keyboard, mouse, or sensor.

Output Device

An apparatus that converts electrical signals into physical actions or representations, such as actuators, motors, or displays.

Actual Scan Time

The real time taken for a PLC to complete one cycle of reading inputs, executing the program, and updating outputs.