If Marginal Revenue on the Tenth Unit of Output Equals

question 5

Multiple Choice

If marginal revenue on the tenth unit of output equals $4 for a non-discriminating, profit-maximizing monopolist, then what is the price?

• A) price is less than $4
• B) price must be equal to average total cost
• C) price is greater than $4
• D) price equals $4

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Definitions:

Real Defenses

Legal defenses that can be used to challenge the enforceability of a negotiable instrument, such as fraud, duress, or alteration.

Holder in Due Course

An individual who has obtained a negotiable instrument in good faith and for value, and thus has certain rights to the instrument free of many defenses and claims that could be asserted against the original party.

Personal Defenses

Legal arguments or claims an individual can use to avoid enforcement of a contract based on conditions that affect their agreement specifically.

Procedural Defenses

Procedural defenses are legal strategies used in court to challenge the way in which a case has been handled, focusing on errors in the procedures rather than the substance of the case.