In the Long Run, a Pure Monopolist Will Maximize Profits

question 134

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:

Circular Reactions

Piaget’s term for processes by which an infant learns to reproduce desired occurrences originally discovered by chance.

Reflexes

Involuntary and immediate responses to specific stimuli, such as pulling a hand away from a hot surface, that are crucial for survival.

Habituation

The process by which there is a decrease in response to a stimulus after being repeatedly exposed to it, leading to an adaptation or normalization of response.

Continuous Cycles

A concept in various fields indicating ongoing, repeating phases or processes without a definite endpoint.