Answer Happy

13. A monopolist produces 14,000 units of output and charges $14 per unit. Its marginal revenue is $8, its marginal cost is $7 and rising, its average total cost is $10, and its average variable cost is $9. The monopolist should a. increase output, which will result in an increase in the firm's positive economic profit.< b. increase output, which will reduce the firm's economic losses.< C. shut down, which will reduce the firm's economic losses.< d. decrease output, which will result in an increase in the firm's positive economic profit. 14. A competitive firm maximizes profit by choosing quantity at which marginal cost or average total point.< a. Cost equals the price average total b. Marginal cost equal average total cost c. Marginal cost equals average total cost d. Average total cost is at its minimum 15. What does the invisible hand in the market do?< a. Nothing. It doesn't work b. Show customers and producers which product to choose c. Create a hostile environment for the demand and supply d. Help demand and supply reach equilibrium