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Exhibit 9.2 -Refer to Exhibit 9.2,which Shows the Cost and Revenue Curves

question 149

Multiple Choice

Exhibit 9.2
Exhibit 9.2    -Refer to Exhibit 9.2,which shows the cost and revenue curves faced by a monopolist.At the profit-maximizing output level for the monopolist,_____ A) marginal revenue is zero. B) marginal revenue is equal to marginal cost. C) marginal cost is less than marginal revenue. D) marginal cost is equal to average total cost. E) price is equal to marginal cost.
-Refer to Exhibit 9.2,which shows the cost and revenue curves faced by a monopolist.At the profit-maximizing output level for the monopolist,_____

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Definitions:

Implicit Costs

The opportunity costs of using resources owned by the company for its own operations, rather than earning income elsewhere.

Explicit Costs

Direct payments made to others in the course of running a business, such as wages, rent, and materials.

Implicit Costs

Costs that represent foregone opportunities, such as the income a business owner forgoes by investing in their own company instead of elsewhere.

Explicit Costs

Directly incurred expenses in the operation of a business, such as wages, rent, and material costs, which are clearly accounted for and easy to identify.

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