21. In order to maximize profits a firm should operate at a quantity such that marginal revenue is:
22. A monopolist faces the following demand and cost schedules:
Output (units) | Price ($/unit) | Total Costs ($) |
0 | 5000 | 800 |
20 | 4800 | 20800 |
40 | 4600 | 64800 |
60 | 4400 | 122800 |
80 | 4200 | 244800 |
100 | 4000 | 350800 |
24. Which of the following statements is most accurate?