Homework Answers
Due to presence of HOMEWORKLIB POLICY, I am answering first four questions.
4. less.
Explanation: The monopolist must lower the price on all units in order to sell additional units, marginal revenue is less than price.
5. marginal revenue; marginal cost.
Explanation: Profit = TR - TC
Maximizing profit requires (dProfit / dQ) = 0 which gives MR - MC = 0. Hence, MR = MC.
6. Game theory.
Explanation: Since there are few firms, they strategically interact to set price and quantity.
7. left.
Explanation: Entry of new firm increases competition and demand gets divided to some extent.
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