In Long-Run Equilibrium for a Single-Price Monopolist

question 24

Multiple Choice

In long-run equilibrium for a single-price monopolist

• A)The plant size is always the one at the bottom of the long-run ATC curve
• B)Output is at the level where short-run and long-run marginal cost are the same
• C)Marginal cost equals ATC
• D)Marginal revenue equals price

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Definitions:

Brown-black Pigment

Melanin, the natural substance in the body that gives color to the skin, hair, and eyes, and offers protection against UV radiation.

Subcutaneous

Concerning anything that is situated below the skin layer.

Dermis

The thick layer of tissue below the epidermis in mammalian skin, containing blood capillaries, nerve endings, sweat glands, and hair follicles.

Dilate

To enlarge, expand in size; to increase the size of an opening.