Suppose that there are no variable costs. Think about what this means. Marginal cost is the additional cost of producing one more unit of a good. a) If there are only fixed costs, then what is the additional cost of producing an additional unit?
b) If a monopolist is running a business with only fixed costs and produces at the profit maximizing level of output at what point along the demand curve will this monopolist produce?
c) Why will all monopolists facing positive marginal cost produce where demand is elastic?
d) Suppose that many small identical firms decide to join and make one large firm. Assume that this joining does not affect their costs. Graphically show how level of output and price differ between the many small firms and the single large firm acting as a monopoly. Show how consumer and producer surplus in the competitive industry differ from consumer and producer surplus in the monopoly industry. Why do economists believe that a monopoly industry is inefficient?
e) Which concept related to the long run average cost curve gives a large monopoly an advantage over several smaller firms?

In return for their with optimizing his painting project, the castle servant informed poly and digit that he saw someone dressed as the king leaving behind a trail of crumbs as he walked into the jester's room late last night. poly and digit have finally found the crisp-collecting culprit — it turns out the jester's shoe size and hair color match the clues that were found! in gratitude, poly and digit agree to the servant with his current task of replacing all of the tables and chairs in the castle. his goal is to determine which furniture company should produce the new furniture. he receives information from a company that customizes elegant furniture, and he wants to analyze the company's production process in order to calculate some problems about cost and availability. read the following scenario, and assist poly and digit as they the servant with his calculations. the fit for a king furniture company requires 2020 hours of labor to produce a standard table, and a chair requires 1212 hours of labor. the labor available is 565565 hours per week. the company can produce at most 3535 chairs per week.

Asmartphone manufacturing company uses social media to achieve different business objectives. match each social media activity of the company to the objective it the company achieve.

Why entrepreneurs start businesses. a) monopolistic competition b) perfect competition c) sole proprietorship d) profit motive