Question

1.the profit maximizing monopolist would achieve loss minimization when... a.total cost equals total revenue. b.price is below average variable cost. c.price is above average total cost. d.price is between average total cost and average variable cost.

Answer 1

The profit maximizing monopolist would achieve loss minimization when price is above average total cost.

What is monopolist?
An individual, group, or business that completely dominates the market for a specific good or service is known as a monopolist. A monopolist is likely to support legislation that strengthens oligopolies because it gives them more authority. Due to the lack of competition, a monopolist has very little incentive to enhance their product. Instead, they are driven by a desire to preserve the monopoly. When a monopolist has become the sole supplier of a specific good or service, a monopoly has formed. This is distinct from the a monopsony, which is when only one entity has the authority to make purchases of goods or services. It also differs from an oligopoly, which would be characterised by a small number of sellers controlling a market.

Therefore, the correct option is (C) price is above average total cost
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