What Has Been Exceeded If Too Many Tourists Visit a National

question 32

Multiple Choice

What has been exceeded if too many tourists visit a national park and, as a result, the park in question is ruined?

• A)environmental capacity
• B)global commons
• C)supportive capacity
• D)carrying capacity

Distinguish between marginal revenue (MR) and marginal cost (MC) and their implications for monopolist’s output and pricing decisions.

Explain the significance of the equality between marginal cost (MC) and marginal revenue (MR) for profit maximization in both monopoly and perfect competition.

Understand how a monopolist determines profit-maximizing output and price using demand and cost data.

Describe the economic implications of producing in the elastic vs inelastic portions of the demand curve for a monopolist.