Answer:
Answer is explained below and attachment.
Explanation:
Answer: Pure monopolists do not always realize economic profits.
Explanation:
Even though Pure Monopolies are the only sellers or makers of a good in a market and can therefore set their own prices, this does not mean that they will always make a profit talk more an economic one.
In the short run for instance, a Pure monopoly could see its average cost higher than its average revenue because some factors of production could not be varied. In this scenario, the monopolist would realize economic losses.
MPL implies the extra output level, that is being produced by hiring an additional unit of labor.
So when the 16th worker is hired, the output level rises by = (340-325)
= 15 units.
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Answer:
b. why, when, and how goods and services should goods be produced?
Explanation:
The three fundamental questions of economics are solving the basic problems faced by economic agents. What to produce? How to produce? Who to produce for?
These questions are pertinent because resources are scarce, but human needs are unlimited. Therefore, one has to choose the best combination of resources to make a production that meets human needs. The timing of production will depend on the perception of needs (demand), so that as man evolves, new demands emerge to improve people's quality of life.
Is there a set of answers that's suppose to go with this questions? If so, could you put them please?
