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Which of the following types of costs is defined as the cost to make and sell one additional unit?a.) marginal costs b.) fully loaded costsc.) variable costsd.) fixed costs
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- The profit-maximizing rule MR=MC isa. not followed by a monopoly because it would reduce economic profit to zerob. followed by all types of firmsc. followed by a monopoly but not a perfectly competitive firmd. followed by a perfectly competitive firm but not by a monopoly
- In a monopolistically competitive industry:A. To maximize profits, firms set MR=MC and people would be better off it output was reducedB. A firm maximizes profits when MR=MC yet P>MCC. Output could be increased without an increase in total costD. People would be better off if output was reduced