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a. zero economic profit is earned by the monopolist. b. production takes place where price is equal to long-run marginal cost and long-run average cost. c. production takes place where long-run marginal cost is equal to marginal revenue and price is not below long-run average cost. d. All of the above are correct.
c. production takes place where long-run marginal cost is equal to marginal revenue and price is not below long-run average cost.
Option " C " Is Correct Answer
c. >>>>>>>>>>>>>>> production takes place where long-run marginal cost is equal to marginal revenue and price is not below long-run average cost.
c. production takes place where long-run marginal cost is equal to marginal revenue and price is not below long-run average cost. .......................................................................
Option-C
production takes place where long-run marginal cost is equal to marginal revenue and price is not below long-run average cost.
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The answer is : Option ( C )
Option C
Justification
marginal cost : the change in the total cost that arises when the quantity produced has an increment by unit. That is, it is the cost of producing one more unit of a good.
marginal revenue: the additional revenue that will be generated by increasing product sales by one unit. It can also be described as the unit revenue the last item sold has generated for the firms.
if the production takes place where long-run marginal cost is equal to marginal revenue and price is not below long-run average cost - then the monopolized market is in long-run equilibrium
