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Q. |
The profit maximizing output level for a monopolist is |
A. | the output level where price elasticity of demand is −1 and total revenue is maximized |
B. | the output level where price elasticity of demand is +1 and total revenue is maximized |
C. | the output level where marginal revenue equals marginal cost |
D. | where the difference between price and average total cost is the largest |
Answer» C. the output level where marginal revenue equals marginal cost |
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