For a monopolist, if price is above average total cost, the monopolist is:
- Earning positive or economic profit
<h3>What is positive profit?</h3>
A positive profit is earned when the revenue being made surpasses what is normal on the competitive scale. The cost of production is covered and surpassed in this case.
So when the monopolist fixes his price above the total cost, he will earn a positive profit.
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It’s hard to answer this without more information. Which author?¿ Because each author has their own ways.
With a typical 52-card deck that has 4 jacks, Margaret is playing a game. The game is initiated by the first player to choose a jack. When choosing first, Margaret's probability of selecting Jack is 1/13.
The same will occur since probability will be determined using the formula necessary outcome divided by total outcome.
Here, the total number of cards in the deck (total outcome) equals 52.
Given that Margaret can select any of the four jacks, the necessary result (number of jacks) is 4.
Probability is 4/52, or 1 by 13, which is the required probability for the question.
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