For a Single-Price Monopoly

question 219

Multiple Choice

For a single-price monopoly,

• A) if marginal cost exceeds marginal revenue, profits will increase if output decreases.
• B) if marginal revenue exceeds marginal cost, profits will increase if output decreases.
• C) there are several different price and output combinations that maximize profit.
• D) marginal revenue will be greater than price if demand is elastic.
• E) marginal revenue will be greater than price if demand is inelastic.

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Definitions:

Performance Goal

Objectives oriented toward demonstrating competence or ability in a specific task.

Self-Efficacy

An individual's belief in their capacity to execute behaviors necessary to produce specific performance attainments.

Need For Achievement

A psychological trait that drives an individual to pursue and attain goals.

Performance Goal

Goals oriented towards demonstrating competence and being judged favorably by others.