Suppose That a Profit-Maximizing Monopoly Firm Experiences a Substantial Technological

question 37

Multiple Choice

Suppose that a profit-maximizing monopoly firm experiences a substantial technological change that reduces its marginal and average total costs by $40.Suppose also that the firm lowers its price in response to the reduction in its costs of production.Lowering its price will cause the firm's total revenue to:

• A) rise.
• B) fall.
• C) remain unchanged.
• D) It is not possible to make a determination from the information given.

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