If the Total Variable Cost of 9 Units of Output

question 30

Multiple Choice

If the total variable cost of 9 units of output is $90 and the total variable cost of 10 units of output is $120, then

• A)the average variable cost of 10 units is $10.
• B)the average variable cost of 9 units is $10.
• C)the marginal cost of the tenth unit is $90.
• D)the firm is operating in the range of increasing marginal returns.

Understand the relationship between monopolist's marginal revenue, marginal cost, and profit maximization.

Distinguish monopoly profits and how they are calculated.

Recognize the deregulation and the effects on monopolistic markets.

Comprehend the conditions under which monopolies can sustain profits or incur losses.

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Definitions:

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